Arsenal are watching Valencia defender Adil Rami leading up to the summer market.
Levante-EMV says Rami will be available in the summer for €12 million, less than half his €25 million buyout clause, with Los Che ready to sell.
Valencia were prepared to sell the French to Anzhi this week, but he refused the move.
Arsenal and AC Milan are at the head of the queue to discuss terms with Rami's camp about a move away at season's end.