Lyon playmaker Houssem Aouar is eager to join Arsenal this month.
Maddison, 24, is reported to be interested in a potential move to Arsenal, with the Foxes holding out for at least £60m.
Mikel Arteta's men are hoping to lower that fee by offering a player plus cash deal in the coming weeks as they search for a new playmaker.
Maddison, who has a contract with Leicester until 2024, was previously seen as an unrealistic target, but recent revelations have put Arsenal's recruitment team on red alert.
Aouar, whose own contract expires in 2023, would cost significantly less as Lyon look to offload names and build up their own kitty.
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