Fiorentina's Juan Manuel Vargas will be available for £12 million according to Metro.
The Peruvian winger was heavily linked with a move to Arsenal in the summer, but instead the north Londoners opted to sign Andre Santos.
And with Gervinho off to the African Nations Cup in Janurary, Arsenal are keen to make provisions.
The left-sided player, who can fill in at full back or on the wing, is expected to be available for transfer for around £12 million, a deal that may prove too good to turn down for Arsenal.
Arsenal may have Real Madrid's interest for company, but may come out on top with their need greater than that of the la Liga giants.
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