Arsenal are thought to be preparing a bid for Real Madrid pair of Mariano Diaz and Lucas Vazquez.
The duo is reportedly out of favour in the club and are thought to have been offered to Arsenal.
The Gunners have been keen on Vazquez in recent weeks, as manager Unai Emery wants to bring more width to the squad. Alex Iwobi and Henrikh Mkhitaryan failed to impress the fans due to their underwhelming performances last season.
Diaz meanwhile is seen as a cut-price transfer for the Gunner. Diaz was exceptional during his time at French club Lyon, putting in quality performances for the club. It is understood that the forward favours a move to the Emirates as he looks to resuscitate his career.
Both players are thought to have been offered to the north London club for a combined fee of €40million. However, this would mean that their transfer kitty would be depleted.
Arsenal have made only one transfer so far this season as they signed Gabriel Martinelli from Ituano for around €7million.
Real Madrid have so far spent over €300 million this summer and are looking to recoup some of the transfer fees.