Arsenal and Manchester United face Spanish competition for PSG striker Edinson Cavani this summer.
Both Premier League giants have been linked with the Uruguayan.
However, the Mail on Sunday says Real Madrid are considering making a move for the Uruguayan striker and it would be major shift in policy if Arsenal paid that sort of fee and the £250,000-a-week wages Cavani would want.
PSG plan to sell to make way for the French club signing Angel di Maria from Manchester United.