Unai Emery could be set to nab Gelson Martins in the summer with Arsenal offered the chance to sign him at the end of the season.
Atletico Madrid are already understood to be keen on offloading the winger just one year after they brought him in from Sporting Lisbon.
The 23-year-old has failed to convince Diego Simeone of his talents at the Wanda Metropolitano, and he was shipped off on loan in January to Monaco.
Martins has impressed in France – chipping in with three goals and three assists in eight games in all competitions.
Arsenal are long-term admirers of the Portuguese international – having failed to lure him to the Emirates last summer.
It was reported that the forward was furious after the £26million offer was turned down, but it now looks like he will have a second chance to link up with the Gunners.
Sporting are still demanding compensation for Martins from Atletico after the player terminated his contract following the attack on players from fans at their training ground.
It has been claimed that the La Liga outfit are willing to fork out £13m in compensation, but the Portuguese club are holding out for more.
Arsenal are desperate to sign a winger in the next transfer window, as Emery looks to add pace and creativity to his squad.
Denis Suarez has failed to hit the heights after being drafted in on loan in the winter market, with the Spaniard set to send the 25-year-old back to Barcelona.
The former Sevilla loanee is yet to start for the North Londoners, and hasn’t impressed in his six substitute appearances.
Rennes ace Ismalia Sarr is believed to be a key target, with Robert Pires urging Arsenal to sign the talented youngster.
While Arsenal are reportedly leading the race to acquire the services of Brazilian starlet Gabriel Martinelli.