Arsenal are eyeing James Rodriguez to replace Mesut Ozil in a loan deal worth as little as £3million, according to reports.
But the Spaniard will be desperate to bring in a fresh face to replace the £350,000-a-week midfield ace as he pushes for a Champions League spot.
According to the Daily Mail, Arsenal have identified Rodriguez as a possible candidate to snap up on loan.
The Colombia star, 27, is in the final season of his two-year loan spell at Bayern Munich from Real Madrid but has fallen out of favour.
Bayern paid about £11.5m to loan Rodriguez and have an option to make the move permanent for £39.5m in the summer.
It is claimed Bayern would allow Rodriguez – who is under contract at Real until the summer of 2020 – to leave if Arsenal paid the outstanding £3m of the loan fee to the Spanish giants.
The small fee will appeal to the Gunners, who have no funds for transfers this month.
Arsenal have reportedly agreed terms with Denis Suarez but cannot afford Barcelona’s £10m demands.
Unai Emery confirmed: “We can’t pay for anyone. We can only sign loan players.
“I know the club is working on the possibility of bringing in a player who can help us now with big performances.
“But I can’t say any more than that. I have no news about the recruitment situation.”
Rodriguez signed for Real from Monaco for £71m in 2014 following his sensational World Cup displays in which he won the Golden Boot with six goals in five matches in Brazil.
He has scored 11 Bundesliga goals since joining Bayern.