Real Madrid midfielder James Rodriguez is set to join Arsenal from Bayern Munich for just £3m after Unai Emery confirmed interest.
The Gunners were alerted to the possibility of taking over the deal until the summer.
Rodriguez is currently 18 months into his two-year loan from Real Madrid with the Bundesliga champions.
The Colombian has, however, fallen out of favour at Bayern too under Niko Kovac.
Carlo Ancelotti had brought the Colombia international to the Allianz Arena.
However, his successor in the Bayern dugout has not used Rodriguez regularly.
Emery is looking for a replacement for Mesut Ozil who has struggled to get picked on matchdays.
Bayern’s deal with Real for Rodriguez back in the summer of 2017 was a £11.5m loan fee with an option to buy for £39.5m.
According to The Guardian, Rodriguez’s potential arrival in north London is not specifically said to rely on Ozil leaving the club this month.
Emery needs reinforcements going forward, having eyed Barcelona’s Denis Suarez, but Arsenal are restricted financially.