Real Madrid are reportedly considering offering Luka Jovic to Arsenal as part of a deal which would see Pierre-Emerick Aubameyang join the Spanish giants in January.
The future of the Gabon international has come under scrutiny in recent weeks due to a lack of progress in talks over a new contract, with his current terms expiring in 2021.
Recent reports suggest that Aubameyang has now pulled out of negotiations amid the growing turmoil at the club, who are on their worst winless run for 42 years and sacked manager Unai Emery last month.
Real Madrid are understood to have held a long-standing interest in the prolific striker, and The Mirror reports that they could be willing to offer Jovic as a makeweight in any agreement.
The 21-year-old only joined Los Blancos during the summer, but he has struggled to settle in the Spanish capital and has made only three La Liga starts for the club so far.
Arsenal remain eager to keep hold of Aubameyang, who was their top scorer last season with 31 goals across all competitions, but are also wary of the forward winding down his contract and leaving on a free transfer, as was the case with Aaron Ramsey earlier this year.
Aubameyang once again leads the way in Arsenal's scoring charts this term and has 53 goals in 84 appearances for the club across all competitions since joining in January 2018.
Barney Corkhill
