Atletico Madrid are tracking West Ham defender Issa Diop.
The French youngster is attracting interest from the Premier League's biggest clubs, however Goal says a move to Spain is also emerging as an option.
The Champions League quarterfinalists would be willing to offer €40m to tempt West Ham to sell.
Diop has already attracted interest from Manchester United during his time in England but West Ham co-owner David Sullivan issued a strong hands-off warning to Old Trafford bosses.
However, Arsenal are ready to test the Eastenders' resolve and there is a belief that if David Moyes's men fail to beat the drop that they could get the player on the cheap with him likely to seek a move away from the London Stadium.