Arsenal could submit an offer to sign Marco Asensio from Real Madrid on a permanent basis, according to reports.
The Gunners are closing in on a deal that would bring Martin Odegaard back to the Emirates Stadium for around £30m.
The Norway international spent the second half of last season on loan at Arsenal and is now set to become a full-time member of the squad.
The north London side also took Dani Ceballos on loan from Madrid for two full seasons, but the midfielder is now back at the Estadio Santiago Bernabeu.
And having in effect wrapped up a deal to buy Odegaard, Arsenal are now eyeing his team-mate Asensio.
While Madrid are not actively looking to sell the 25-year-old, Fichajes writes that they are ready to listen to any offers they receive.
Asensio is not assured of a regular starting role under Carlo Ancelotti this season, and he began Saturday's 4-1 victory over Alaves on the bench.
The report states that Tottenham and Liverpool are keeping tabs on the situation, but it is Arsenal whose interest is the strongest.
The report states Mikel Arteta is a huge fan of the former Mallorca man and would love to bring him to north London.
Madrid are said to value Asensio at around £35m and could be willing to do business if the Gunners meet their asking price.
Yet although there is no reason to doubt Arteta's supposed admiration of Asensio, it is hard to see this deal being done.
Arsenal are about to spend £30m on Odegaard and a similar amount on Aaron Ramsdale, the Sheffield United goalkeeper.
It is difficult to see enough funds being leftover after those purchases, particularly as the Gunners have already spent £73m on Ben White, Nuno Tavares and Albert Sambi Lokonga.
Arsenal might be more interested in a loan arrangement, but that is unlikely to be attractive to Madrid.
If Tottenham and Liverpool are genuinely interest in Asensio, the Gunners might not be able to push them all the way.
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