Lopez’s future has been the subject of intense speculation in recent weeks after talks over a new contract at the Vicente Calderon stalled, with Arsenal and Tottenham both linked with a move for the 24-year-old.
The paper adds that Arsenal’s swoop for Lopez comes after boss Arsene Wenger ruled out a move for Athletic Bilbao’s Fernando Llorente because of his similarities to Olivier Giroud.
Arsenal are said to be keen on adding to their attacking options with Giroud struggling to adapt to life in the Premier League, although Wenger will not sign a replacement outright, instead opting for a smaller forward in Lopez.
Madrid’s financial problems are well known and could result in them losing star striker Radamel Falcao, as well as Lopez to Arsenal.
The Gunners will likely target a new striker in January not only to further cover the loss of Robin van Persie to Manchester United, but to also counter the fact that Gervinho will be on international duty at the African Cup of Nations in the new year.