Arsenal and Atletico Madrid are eyeing Benfica defender Alex Grimaldo.

Mundo Deportivo says Arsenal and Atletico Madrid are now frontrunners.

The Gunners are said to be weighing up an offer for Grimaldo, 23, which could involve Nacho Monreal moving in the opposite direction.

While Atletico are in the market for a new left-back with Filipe Luis out of contract in the summer and Lucas Hernandez linked with an exit.

Arsenal boss Unai Emery wants to bring in at least FIVE players but will have just £40million to spend this summer if the club miss out on a Champions League spot.