The 28-year-old is available for around £30million and Spanish publication AS say a deal could be wrapped up as early as next week if the Gunners are willing to meet his valuation.

Having spent around £190m already this summer, Real are looking to recoup some cash through player sales while Gunners boss Unai Emery is desperate to bring in a new man to play out wide.

Vazquez has been on the fringes ever since making the step up to the senior Real Madrid team in 2015 and made only 15 starts in La Liga last season.

Despite falling out of favour, Vazquez would arrive at the Emirates with a wealth of experience having won a domestic title and three Champions Leagues in his time at the Bernabeu.

The reports from AS says the nine-cap Spain international is keen on the move but Arsenalcould also face competition from Paris Saint-Germain, Bayern Munich and Inter Milan.

Brazil youngster Gabriel Martinelli, 18, remains their only signing in the current transfer window.

Boss Emery is also looking for a left-back and remains interested in Celtic’s Kieran Tierney, 22.

Their initial offer of £15m was rejected with Celtic said to be holding out for closer to £25m.

Wilfried Zaha, 26, is another long-term target but Arsenal’s initial offer of £40m fell short once again and Crystal Palace are understood to have been ‘incensed’ by what they consider to be a derisory offer.

The Gunners are reportedly lining up a second bid but Zaha four years left to run on his contract and Palace want closer to £90m.

Arsenal also need a new centre-back and have been heavily linked with Saint-Etienne’s 18-year-old sensation William Saliba.

Toby Alderweireld, 30, from Tottenham recently emerged a shock reported target because of the £25m release clause in his current contract.

They are also said to be considering a bid for Argentinian Walter Kannemann, 28, who is currently playing for Gremio in Brazil.