Arsenal will consider a cut price offer for Karim Benzema when the transfer window reopens in January, the Metro understands.
It is believed that Real Madrid are willing to part company with the France international, as they look to accumulate funds to bid for Luis Suarez.
Arsene Wenger was keen on bringing in Benzema during the summer, but was put off by the £40m asking price.
The Spanish club paid £30m to Lyon for his services in 2009, and the 25 year old has scored 91 goals in 193 appearances in all competitions.
The Gunners had two bids for Suarez rejected by Liverpool in the close season, but are unlikely to reignite their interest in the Uruguay international.
Meanwhile, Barcelona goalkeeper Victor Valdes is set to snub a move to Arsenal in the summer and instead opt to join Monaco, according to the Mirror.
The Spain international will draw to a close his time with the La Liga champions when his contract expires at the end of the season, with the Gunners one of a number of clubs keen to secure his services.
However, he has suggested that he would prefer a move to the Ligue 1 leaders, which would see him reunited with former teammate Eric Abidal.
