Arsenal are reportedly monitoring Osasuna full-back Nacho Monreal.
According to The People, the north London club are weighing-up a move for the 24-year-old Spain international, who is valued at around €13 million (£11 million).
However, Arsenal have reportedly bid just £7 million for the left-back and are not willing to pay more than £8 million for his services.
Arsene Wenger is thought to be keen to bolster his defensive ranks during the transfer window due to fitness concerns over a number of his current crop.
Arsenal have had their fair share of defensive woes in recent times, with the long-term injury of Thomas Vermaelen coinciding with the departure of three centre-backs from the Emirates Stadium.
However, Wenger did bring French pair Laurent Koscielny and Sébastien Squillaci to Arsenal in the summer to try to compensate for Vermaelen's injury, but his squad still lacks depth in the defensive department.
The Arsenal boss has also been hit by the news that Koscielny will be out of action for almost a month after a clash of heads against Fulham at the weekend.
Wenger said: "The medical team inform me he [Koscielny] has picked up concussion and could be out for three weeks."
Ajax centre-back Jan Vertonghen and France youngster Mamadou Sakho have also been linked with January moves to Arsenal as the Gunners step up their pursuit of defensive reinforcements.