Mariano Diaz does not fancy a move to Arsenal.
Real Madrid are keen to offload the striker in order to raise funds for other transfers.
Arsenal have been offered the striker for just £18m, despite Real paying £30m for Diaz only a year ago.
However, AS says Diaz would prefer to stay in Spain and fight for a place in Zinedine Zidane's plans.
Roma and AC Milan are also monitoring the 25-year-old.