Arsenal are reportedly considering exercising their £4 million buy-back clause for former striker Carlos Vela.
The Mexican international signed for Spanish side Real Sociedad last season, having spent the entire 2011/12 campaign with them on loan.
The 24 year old has scored 12 goals in 27 La Liga appearances during this campaign; form which has not gone unnoticed by Arsene Wenger, who originally signed him back in 2005.
Vela managed only three league goals during his limited on the pitch with the Gunners, and was loaned out five times before eventually being sold in a deal which includes the option of resigning him.
Meanwhile, Talk Sport claim that Arsenal one of three London based clubs chasing Sevilla striker Alvaro Negredo.
The 27 year old Spanish international has scored 20 goals in 30 appearances this season, and is also reportedly being monitored by Chelsea and Tottenham Hotspur.
Elsewhere, Athletic Bilbao defender Fernando Amorebieta is awaiting an approach from the Gunners, according to the Express.
The Venezuelan international has long been linked with a move to the Emirates, and is thought to have rebuffed an approach from Russian big spenders Anzhi Makhachkala with North London reportedly his preferred destination for next season.