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.
Arsenal have been placed on high alert after Swansea City manager Michael Laudrup hinted that his captain Ashley Williams may leave the club.
The Gunners have long been linked with the Wales defender, who has been valued at £10 million.
The Express have reported that Arsenal have opened talks with Victor Valdes agent over the possibility of signing the Spaniard in the summer.
Valdes, who played in Barcelona’s 4-0 defeat to Bayern Munich in the Champions League semi-final first leg at the Allianz Arena, has confirmed that he will seek a new challenge at the end of the season, with the Emirates one of a number of potential destinations.
Arsenal will be looking to return to third place in the Premier League on Saturday afternoon as they travel to Craven Cottage to face Fulham.
With no one else in the top five in action until later in the weekend, the Gunners have the chance to move five points clear of fifth place Tottenham Hotspur, who face Manchester City on Sunday, and also leap frog Chelsea who travel to Liverpool following that game.
Barcelona goalkeeper Victor Valdes has put Arsenal on red alert after speaking of his desire to play in the Premier League.
The Spanish international will call time on his ten years with Barcelona in the summer, during which he has won every major competition at domestic and international level, including five La Liga titles, three Champions Leagues, the European Championships and the World Cup.
Chelsea goalkeeper Petr Cech has rejected claims that he could sign for Arsenal in the summer.
The Czech international told Sky Sports that he deemed the rumour unworthy of comment, saying that it was nothing more than speculation.
Arsenal boosted their Champions League qualification hopes after their hard fought 2-0 victory at Swansea City on Saturday afternoon.
It took 74 minutes for the deadlock to be broken, when Nacho Monreal scored his first for the club with a low shot through a crowded penalty area.
Arsenal legend Thierry Henry is trying to do his old club a favour by persuading his former Barcelona teammate Victor Valdes to move to the Emirates.
The Spanish goalkeeper is set to leave the Nou Camp at the end of the season, with Arsenal one of a number of clubs said to be interested in his services.
A variety of newspapers have today reported that Arsene Wenger will be handed a huge transfer budget in order to strengthen his squad in the summer.
The Guardian, The Mirror and The Daily Telegraph tout a figure of £70 million, with a host of names being linked with moves to North London.
Arsenal’s hopes of lifting a first trophy in eight years rests solely in Europe as they suffered a 1-0 defeat to Championship side Blackburn Rovers in the fifth round of the FA Cup.
Colin Kazim-Richard’s 72nd minutes strike was enough to secure a quarter final tie with Millwall, and hand Arsene Wenger his first defeat by a lower league side in this competition since taking charge in 1996.