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Real Madrid manager Zinedine Zidane wants to sell midfielder Isco in the summer, according to Spanish newspaper AS.
And Liverpool and Arsenal have been placed alongside Manchester City, Juventus and Bayern Munich as a potential destinations by the Spanish press.
The Gunners off-loaded Alexis Sanchez to Manchester United in January and brought in Pierre-Emerick Aubameyang.
However, AS claim Arsenal are short in midfield with only Mesut Ozil and Henrikh Mkhitaryan as creative talents.
Jack Wilshere’s contract is also up at the end of the end of the season which could open a space for Isco.