Marca says Real Madrid have offered the unsettled Brazil attacker in exchange for Arsenal defender William Saliba.
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And the proposal was given short shrift by Gunners management.
For his part, Saliba is in no rush to leave Arsenal, despite Real Madrid's latest attempt.
Asked about his future last season, Saliba said: “For me, I’m really happy here. I’ve been here for two years and a half as well. There is nothing. I’m happy here and I want to continue here.
“I want to win big things with Arsenal. If you leave this club without winning anything the fans will forget about you. I want to win big things here.”