TalkSPORT has revealed that reports in Spain suggest the 23-year-old Turkish international, is being targeted by the La Liga club's Qatari owners for a lucrative move to La Rosaleda.
Sahin only arrived at the Bernabeu from Borussia Dortmund last summer, signing a long-term six year contract.
But, after making just one first-team appearance for Jose Mourinho's side this season, having been plagued by a succession of injuries, the German-born starlet is poised for an early exit.
Gunners boss Arsene Wenger is a known admirer of Sahin, and tried to bring him to the Emirates Stadium when he joined Real Madrid.
Meanwhile, Chelsea have also been heavily linked with the talented playmaker, as Roman Abramovich looks to continue the planned overhaul of his ageing squad this summer.
The fact that the Blues are currently without a full-time manager could mean they lose out on Sahin's signature, if either Arsenal or Malaga step up their interest.