This is according to Spanish newspaper Marca, who claim that the 15-year-old has “pretty much packed his bags”, according to the Daily Star.
Arsenal boss Arsene Wenger is always on the lookout for promising young players at top clubs - and the under-pressure French coach appears to be close to helping the Gunners secure the services of another potential future star.
Moreno: Fast and strong
Moreno, who is described by Real Madrid as a “central defender noted for his speed and strength”, knows he has the opportunity to earn himself a lucrative contract by signing for the north London outfit in the New Year.
Salaries for young footballers plying their trade with La Liga clubs are significantly smaller, while competition for first-team places is fiercer at the Bernabeu.
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Moreno could shine at Arsenal
Arsenal have lacked defensive solidity for years now, and Moreno would have the opportunity to establish himself as a first-team regular at the Emirates Stadium within the next few years, provided he fulfils his potential.
Wenger famously managed to convince Cesc Fabregas to leave his boyhood club, Barcelona, in order to sign for the Gunners in 2003.
The Spaniard made his debut just months after signing for the Gunners - such was his immense talent - and went on to establish himself as a world star before moving back to the Camp Nou eight years later.
It was also recently revealed that Wenger attempted to sign Fabregas’s former teammates, Lionel Messi and Gerard Pique, around the same time - but was unsuccessful in his efforts to lure them to England.
Competition at Real Madrid
With Per Mertesacker and Laurent Koscielny not getting any younger, there will be a chance for Moreno to set his sights on cementing his status as one of Arsenal’s centre-backs within the next two or three years.
At Real Madrid, however, Sergio Ramos is still only 28, while Raphael Varane is just 21. Neither defender is expected to leave the Bernabeu any time soon.
Furthermore, if a world-class centre-back becomes available in the near future, Real Madrid will inevitably be interested.