Jeremy Menez
Jeremy MenezReuters

Liverpool and Arsenal must act quickly to secure the services of Paris Saint Germain star Jeremy Menez, as according to reports in Spain Atletico Madrid are set to outbid the Premier League giants with a last-minute bid for the French forward.

The 26-year-old forward is one of the most sought-after talents around Europe, as his contract at Parc des Princes is due to expire at the end of the season and he is free to negotiate a pre-contract agreement to join any club for free in the summer.

Even though PSG paid more than £10m to secure his services in 2011, Menez has seen his chances of playing diminished this season following the arrival of a number of new players to the club and he is likely to put an end to his spell in France next summer.

Arsenal and Liverpool have been linked with his services since the last transfer window but according to Spanish newspaper Daily AS they will have to fight with Atletico Madrid for his services.

AS claims that Atletico are trying to persuade him to snub the Premier League giants by moving to the Vicente Calderon to replace Cristian 'Cebolla' Rodriguez, who is likely to leave the Spaniards at the end of the season.

Reports last January claimed that Liverpool tried to secure a cut-price deal for Menez, taking advantage of his contract situation, but the player decided instead to stay in France until the summer.

Brendan Rodgers is looking for a versatile forward and after failing to secure Mohamed Salah and Yevhen Konoplyanka he may renew his attempts to sign Menez in the summer.

Meanwhile, Arsenal boss Arsene Wenger wants his compatriot to cover Theo Walcott's injury and although his first summer choice would be to finally bring Julian Draxler to the Emirates, he may also consider Menez as a most affordable choice.

The forward has started just six Ligue 1 games this season, scoring two goals and grabbing one assist.