Want-away Real Madrid midfielder Lassana Diarra has been offered to Arsenal and Liverpool in a £12million cut-price deal reports the Daily Mirror.
The French international has become disillusioned with life at the Bernabeu after falling out of favour under Jose Mourinho and is said to be keen on a move back to England.
Diarra had a brief spell at Arsenal under Arsene Wenger in the 2007-08 season after signing from Chelsea, but was deemed surplus to requirements and sold on to Portsmouth for just £6million.
It is unlikely that the Gunners boss will want to pay Madrid double the amount of money they initially sold him for due to Arsenal's stringent transfer policy.
But the fact that Wenger would like to add a central midfielder to his squad could yet see Diarra make a surprise return to the Emirates Stadium.
Liverpool boss Kenny Dalglish is also known to be in the market for a ball-winning midfielder to add to his options in the middle of the park at Anfield.
Reds director of football Damien Comolli may look to use the French connection to try and lure Diarra to Liverpool when the transfer window reopens in June, and could provide Arsenal with competition for his signature.
Any transfer tussle between Arsenal and Liverpool will only inflate the eventual fee paid to Los Blancos.
Realistically, it is Dalglish, with the financial backing of Reds owners Fenway Sports Group, who would be best placed to outbid the Gunners if a bidding war ensues.
With Euro 2012 on the horizon, and Diarra once again on the fringes at his current club, the man once touted as the heir to Claude Makelele is seeking regular first-team football and so would welcome a move to Liverpool or Arsenal this summer.