The agent of Uruguayan midfielder Lucas Torreira is in talks with Atletico Madrid.
Torreira has made no secret of the fact he wants to leave Arsenal during the transfer window.
According to transfer expert Fabrizio Romano, Torreira's agent is in Madrid and is meeting with Atleti about a deal.
It is unclear if it would be a permanent transfer or a loan move.
"The agent of Lucas Torreira is now in Madrid to meet with Atlético," Romano tweeted.
"Negotiations on between Atleti and Arsenal to complete the agreement.
"#AFC are still asking for a permanent deal - Atleti are gonna make a new bid. Talks on. #Arsenal #Atleti".