Real Madrid are preparing a £54 million offer for Arsenal skipper Cesc Fabregas.

The Sun says reports in Spain suggest Real hope to tempt Gunners boss Arsene Wenger into selling by offering striker Karim Benzema, 23, or attacking midfielder Sergio Canales, 19, in part-exchange.

Real coach Jose Mourinho, general manager Jorge Valdano and president Florentino Perez have decided on a no-holds-barred swoop for the Arsenal skipper.

Fabregas nearly rejoined his old club Barcelona last summer.

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