Arsenal are ready to listen to offers for Nacho Monreal with Athletic Bilbao interested in a cut-price deal, reports Spanish newspaper AS.
The Spain international has just 12 months remaining on his current contract at the Emirates but there has been little to suggest that deal will be extended.
Turning 30 early next year, Monreal is facing the prospect of waiting until his contract is in its final few months to see if it will be renewed.
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Arsene Wenger has a policy of only offering one-year deals to those over 30 and Monreal is unlikely to be an exception to this case.
But Athletic Bilbao are ready to offer the left-back a long-term contract of three or four years but must first agree a deal with the Gunners.
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The asking price
While Arsenal are willing to sell Monreal, Wenger is hoping to to recover much of the €10m he paid Malaga to sign him in 2013 but Athletic are on a tight budget.
The La Liga outfit are up for a bargain and are hoping Arsenal agree to a fee significantly below the asking price.
Athletic officials have already contacted their counterparts at the Emirates to discuss the potential for agreeing a deal for Monreal and they have been suitably encouraged that something can be agreed.
Athletic can't, however, rely on Monreal to force a move away from Arsenal. Although he has struggled to establish himself as the first-choice left-back in front of Kieran Gibbs, Monreal remains happy with life in London.
He shares a close relationship with compatriot Santi Cazorla and has enjoyed a long spell ahead of Gibbs this season, starting 26 of 38 Premier League games.
But Wenger's willingness to sell means tomorrow's FA Cup final against Aston Villa could be his last game for the club.
Should Arsenal sell Monreal then they will need to sign a replacement in the summer transfer window.
There have been few left-backs linked with a move to the Gunners in recent weeks as this is the first we have heard of a potential exit for Monreal.
They have previously been linked with a move for Hull City defender Andy Robertson. The Scotland international could go down with the Tigers after they were relegated from the Premier League, but his impressive season could see him picked up by someone in the top flight.
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