The Spanish giants have reportedly given the Arsenal manager the chance to sign Iker Casillas as Real Madrid look to recoup some of the money they plan to spend on Gareth Bale.
And he's available for a knock-down price as he's only got a year left on his Real Madrid deal. The Spain number one has also been frozen out of the team under new boss Carlo Ancelotti.
Casillas was first dropped under Jose Mourinho last season, and Ancelotti has decided to retain faith in Diego Lopez.
The 32-year-old is desperate to play first-team football heading into a World Cup year, especially as the captain of the defending champions.
Arsenal are yet to pay a fee for anyone this summer, with Yaya Sanogo on a free transfer their only bit of business so far.
And with Wojciech Szczesny in unconvincing form, the chance to sign one of the world's best keepers could be too good an opportunity to pass up for the Gunners boss.
Polish international Szczesny was 'rested' at one point last season, a break that happened to coincide with a dip in form. And the 23-year-old is under pressure from Lukasz Fabianski for a first-team spot at the Emirates Stadium.