Arsenal and Malaga are looking to sign Inter Milan midfielder Ricardo Alvarez, according to Calcio Mercato.
The 24-year-old only moved to the San Siro in the summer of 2011, signing a contract until 2016, after being identified as a long-term successor to Nerazzurri playmaker Wesley Sneijder.
But, after the Dutchman's much anticipated move away from Italy failed to ever materialise, Alvarez has seen his first-team opportunities limited in Serie A.
Gunners boss Arsene Wenger is ready to hand the Argentine an opportunity for regular football, after he started just 15 games for Inter last season.
It is believed it will take an offer in the region of €12million to bring him to the Emirates Stadium, with club president Massimo Moratti looking for a small profit on a player they splashed €11.75million on, less than two years ago.
Arsenal were heavily linked with a move for Alvarez before he joined Inter, and their intentions to renew interest in the South American schemer could once again be met with competition in the form of a rival bid from Malaga coach Manuel Pellegrini.
Alvarez has made just three appearances in Serie A this season, all of which have come from the substitutes' bench. His desire for more playing time could see him moved on in January.