Arsenal are playing a waiting game with Bayern Munich over their interest in James Rodriguez.

The Daily Star says with two weeks to go in the January transfer window, Rodriguez has emerged as an option for the Gunners.

The Real Madrid loanee has struggled to establish himself as a starter under Niko Kovac in recent months at the Allianz Arena.

And reports this week have suggested Bayern are willing to cut short his two-year loan.

Rodriguez has six months left on his deal, and if Arsenal were to take him, they would need to pay just £3m to Real to cover the cost until the end of the season.

Bayern, though, have the option to buy the 27-year-old outright for less than £40m in the summer.

The club could ultimately keep the Colombian, and their dithering approach is leaving his potential move to Arsenal in the balance.

Unai Emery has made it clear the club can only afford to bring players in on loan this month.