Paris Saint-Germain have told Arsenal they can sign forward Julian Draxler in January if they can meet the Ligue 1 club's asking price of £40m ($54m), according to reports.
The Sun says the Gunners are interested in signing Draxler as a replacement for Alexis Sanchez, who is in the final year of his contract at the Emirates Stadium and could potentially exit the club in January.
Arsenal boss Arsene Wenger is reported to be open to selling Sanchez in the January window if he can sign a suitable replacement for the Chilean.
Draxler, 24, has more than three years left on his contract at Parc des Princes. He has fallen down the pecking order at the French club following the summer acquisitions of Neymar and Kylian Mbappe.
Liverpool have also been linked with a move for the Germany international, who has started 10 Ligue 1 games for PSG this season.
The former Wolfsburg forward said earlier this month that he has not considered leaving PSG despite his reduced status at the club.
"I think it's very important that Paris can buy this type of great player, like Neymar and Kylian Mbappe," Draxler was quoted as saying by Goal.
"It's a great feeling to play alongside these players. On the one hand it was great that we could get them, but, from my point of view, it was mixed because each player has their own personal objectives and you always want to play every match.
"Both Neymar and Kylian play in my position on the wings, so you think about every option.
"But I have confidence in my abilities and I have the quality to play here and I never considered leaving Paris Saint-Germain after just six months."
Arsenal are also reported to be monitoring Crystal Palace winger Wilfried Zaha as a potential transfer target should Sanchez leave the club.