Arsenal are in advanced talks with Real Madrid about signing Dani Ceballos on loan for the 2019/2020 season.
The 22-year-old midfielder has played made 56 appearances for Madrid since joining from Real Betis in 2017 and he was a key player for Spain in their win at the recent European Under-21 Championship.
He had also been linked with a move to Arsenal's rivals Tottenham though Spurs have since completed the club-record signing of Tanguy Ndombele.
Speaking on their pre-season tour of the USA, Gunners boss Unai Emery has confirmed his interest in bringing Ceballos to the Emirates.
"Ceballos is a very good player. I know him from Real Betis at the beginning and Real Madrid.
"He played very well in the Under-21s European Championship, his national team won the competition."
Arsenal are seeking to add to their midfield options following Aaron Ramsey's departure to Juventus while Ceballos would likely have been on fringes of the Madrid's team next season.
He would become the North Londoners' second signing of the summer, after the capture of Brazilian forward Gabriel Martinelli.
Arsenal are also reportedly interested in bringing in teenage defender William Saliba.
The French under-19 centre-half would cost Emery's side €30-million and they would also loan Saliba back to Saint-Etienne next term.
