The 24-year-old scored an impressive 19 goals for Los Rojiblancos last term, but has found the net only twice in 2012/13, after starting just six of the reigning Europa League champions' 17 games this season.
Arsenal's opening offer still falls short of Lopez's £14.7million buy-out clause, but the Premier League club is hoping to take advantage of his current situation at the Vicente Calderon Stadium,
The 2011 European U21 Championship Golden Boot winner has struggled to get into Diego Simeone's side this term due to the prolific form of Colombian hit-man Radamel Falcao, who has established himself as one of the leading strikers in world football over the past 12 months.
Lopez's omission from the Atletico first-team is no slant on his ability, and Wenger knows that if he can negotiate a deal that sees him arrive in north London in the New Year, he will have completed a sound piece of business, as he looks to add support for the likes of Theo Walcott and Olivier Giroud in Arsenal's attack.
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