Arsenal failed with a formal £50 million offer for Edinson Cavani last summer before turning their attention to the £16m deal that brought Danny Welbeck to the Emirates on transfer deadline day.
That is according to The Express, who cite a report in L'Equipe which suggests Gunners boss Arsene Wenger remains a huge admirer of the Uruguay striker and will return with a bumper January bid if Arsenal's problems persist in the final third.
Cavani has also been mentioned in connection with Manchester United every time transfer silly season rears its ugly head in recent times, but their move for Radamel Falcao has cleared the way for Arsenal to finally snare a proven world-class centre forward.
Frustration over wide role a boost for Arsenal
Essentially Wenger believed he could sign Cavani last month because the proven predator has grown tired with playing wide in a 4-3-3 at PSG, forced to largely play second fiddle to the considerable presence of Zlatan Ibrahimovic.
PSG coach Laurent Blanc has done his best to keep both men happy and reportedly offered Cavani assurances that he'd been moved inside to partner Ibrahimovic where possible, but that change in system has failed to materialise so far this season.
Despite starting on the flank Cavani has continued to score consistently and already has three goals in five games this season, so you can hardly blame Arsenal or any other top European club for attempting to take advantage of reported dressing room unrest at the Parc des Princes.
Dressing room unrest in the French capital
Blanc is struggling to keep a star-studded squad happy while massaging the considerable of Ibrahimovic at the same time, with Cavani's disappointment as his current role just one headache in a long list of concerns for the French champions.
The conditions are definitely in place for Wenger to complete the third blockbuster transfer of his Arsenal reign and add Cavani to the likes of Mesut Ozil and Alexis Sanchez, but you have to question whether the Gunners boss will be willing to make it happen so soon after signing Welbeck.
Can Arsenal make room for a world-class striker?
Olivier Giroud is also aiming to be fit by Christmas and then there's Theo Walcott, Lukas Podolski, Joel Campbell and other attacking options to consider.
Gunners fans would genuinely love to see the 27-year-old become an Arsenal player the second the January transfer window opens and should be encouraged by reports Wenger is genuinely interested, but there's now more than three months to wait before Arsenal can spend big on a striker even if they want to.
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