Arsenal have been offered the chance to sign Luka Jovic on loan from Real Madrid, football.london understands.
The 24-year-old has not ruled out leaving Los Blancos this month and the Gunners are weighing up a move for the Serbian international after missing out on top target Dusan Vlahovic.
Vlahovic was Mikel Arteta's top transfer target in January with the Spaniard keen on bringing in a long-term replacement for Pierre-Emerick Aubameyang and out-of-contract forwards Alexandre Lacazette and Eddie Nketiah.
The Gunners had not heard back from the representatives of Vlahovic in January and it's expected that Juventus will secure his signature before the transfer window closes.
football.london reported earlier in the month that Vlahovic's preference is to stay in Serie A and he has even told close friends that Juventus or Inter Milan would be his ideal destination whenever he does decide to leave the Florence-based club.
With Vlahovic's arrival looking unlikely, Arsenal are exploring other options including Real Sociedad striker Alexander Isak and Lille forward Jonathan David.
Isak extended his contract with Sociedad last October in the knowledge that a big money move to a European giant was likely to happen soon.
Sociedad inserted a release clause of €90million in Isak's contract, although Arsenal are expected to negotiate that fee.
"My clause? We, the players, don't take too much care of that, it's more on the side of the clubs. We play and the clubs negotiate with each other,” said Isak in November.
Meanwhile, Arsenal's pursuit of a central midfielder will continue this week as a deal for Juventus midfielder Arthur Melo hangs on a thread.
Brazil international Arthur is the subject of serious interest from the Gunners who have proposed a loan deal until the end of the season.
However, Serie A giants Juve are only prepared to sanction an 18-month deal with an option to buy included.
Talks will continue this week with Leicester City midfielder Youri Tielemans also on the list of midfield targets.
