Yoann Gourcuff is reportedly keen to join Arsenal in January, having missed out on the opportunity to move to the Emirates Stadium during the summer.
The France midfielder has featured only four times in Ligue 1 for Lyon this term after a knee injury and, according to The Mirror, wants a move to north London to revitalise his season.
Arsenal are said to have attempted to sign Gourcuff during August as Arsene Wenger scoured the market desperately in search of midfield reinforcements.
However, Lyon reportedly rejected a loan offer from the Gunners boss, but a potential £12 million move could now be in the offing.
Wenger has already stated that he has no intention of bolstering his squad next month, but would not turn down the opportunity to bring in a 'fantastic player'.
Along with Gourcuff, 25, Arsenal have also been linked with Lille sensation Eden Hazard and German starlet Mario Gotze, both of whom are also being courted by Real Madrid.
Meanwhile, Arsenal take on Olympiacos in Athens on Tuesday night in Wenger's 200th European game in charge of the Gunners.
Arsenal's progression to the last 16 of the Champions League is already confirmed, and the likes of Emmanuel Frimpong and Alex Oxlade-Chamberlain are set to feature.