Valencia have informed Arsenal they can have Adil Rami for £9 million.
The Daily Star Sunday says French centre-back Rami, 27, who joined in 2011, is keen on a new challenge.
The chronic back injury which will rule Thomas Vermaelen out for the start of the season has made the Gunners' search for cover a priority.
Los Che officials have confirmed publicly an offer from an English club arrived for Rami last week.