Arsenal could make a move for on-loan Bayern Munich midfielder James Rodriguez in a deal that would only cost them £3million.
Rodriguez moved to the Allianz Arena on a two-year loan from Real Madrid, but has fallen out of favour under Niko Kovac this season, starting just five times in the Bundesliga.
Bayern paid £11.5m for the two-year loan and have the option to buy Rodriguez for £39.5m this summer.
According to the Daily Mail, the Germans would let Rodriguez go if Arsenal pay £3m which Real would be entitled to for the last six months of his loan spell.
The 27-year-old rose to prominence in 2014, when his performances at the World Cup helped Colombia to the quarter-finals and his six goals in that tournament earned him the Golden Boot, while his volley against Uruguay won him the FIFA Puskas Award.
It also meant Rodriguez became the first player since Brazil’s Rivaldo and Ronaldo in 2002 to score in every opening World Cup match he played in.
Unai Emery recently revealed that Arsenal cannot make any permanent signings in the January transfer window.
Emery said: “We cannot sign permanently. We can only loan players. Only loan players.
“I can say to you that the club is working, the club is telling me the different situations in each moment. At the moment, we haven’t had any news today about that.”