The Mirror says Benzema is top of Arsenal's wanted list because the signing of a world-class striker remains their No1 priority.
France international Benzema, 25, does not want to leave Madrid though, and his agent Karim Djaziri has even claimed he is not interested in a move to Arsenal.
But the Spanish giants are trying to sell him behind his back before the window shuts next Monday night.
Manchester United have also been sounded out over Benzema... and turned him down.
For the big stories and the banter follow us on Twitter: @tribalfootball