Real Madrid are reported to have alerted Arsenal to the availability of Karim Benzema.
It is claimed that Los Blancos president Florentino Perez wants to offload Benzema to help fund a world-record swoop for Kyliam Mbappe.
The Gunners are long-term suitors but have so far been unable to persuade the striker and Real to part company.
But now, according to reports, Perez is said to have decided that now is the perfect time to cash in on Benzema, 29, who would cost the Gunners around £62million.
Any deal would depend on the European champions being certain of luring Monaco star Mbappe to the Bernabeu.
Real have let two of their key attackers leave this summer, with Alvaro Morata joining Chelsea and James Rodriguez securing a loan move to Bayern Munich.
And they would be unlikely to let Benzema go unless they felt a deal for Mpabbe, 18, was in the bag.
Mbappe is closing on a £161m switch to Real, although Manchester City have not given up hope of landing him.
With the French starlet being 11 years younger than compatriot Benzema, Real are likely to view him as a long-term successor.
Benzema joined Real for around £31m in 2009.
He has since netted 180 goals in 365 appearances in that eight-year period.
The exiled 81-cap international has also scooped two Spanish league titles, two Spanish cups and won the Champions League three times.