Arsenal and Liverpool have reportedly been offered the chance to sign out-of-favour left back Fabio Coentrao by Real Madrid.
The Portuguese international was linked with a move to Manchester United last summer, but the Red Devils appeared to withdraw their rumoured interest.
According to the Daily Star, both Arsenal and Liverpool will also turn down the chance to take Coentrao before the transfer deadline.
Gunners boss Arsene Wenger is believed to have concluded his business with the deal for Gabriel Paulista, while Brendan Rodgers is said to see Coentrao as too expensive.
However, the same source claims that both clubs may reconsider their position in the summer.
