Galatasaray are preparing a move for Arsenal's Bacary Sagna in the current transfer window.
According to the Daily Mirror, the Turkish champions are offering a four-year deal with a lucrative £4m per annum package after tax in order to persuade the full-back to move to Istanbul.
The French international's current deal at the Emirates is due to expire at the end of the season. The situation allows Sagna to agree a pre-contract with other clubs and walk out for free in the summer.
The report states that Sagna has set his sights on a four-year contract with the north London club, but Arsenal officials are only willing to offer a two-year extension of his current deal.
Wenger had declared his intention to retain his first choice right-back while confirming in December that the 30-year-old was close to signing a new deal with the Gunners.
Earlier in the month, it was reported that Sagna will hold fresh talks with the club's hierarchy. Wenger is still optimistic that the full-back will extend his stay at the Emirates.
Galatasaray's interest in Sagna could be hindered by big spending Ligue 1 giants as a Mirror report suggests Paris Saint-Germain and AS Monaco are also monitoring the Frenchman's situation.
At present Wenger has only Carl Jenkinson as a cover for Sagna but Arsenal have been linked with Liverpool's Glen Johnson, who could be brought in as a replacement should Sagna decline an extension to his current contract.
Johnson's contract with the Reds is due to expire after the 2014/15 season. Any failure by the Merseyside outfit to agree an extension with the England international could result in the 29-year-old leaving Anfield for less than the £17m that Liverpool paid for him in 2009.
Arsenal are second in the league table after 20 matches, with 45 points, and will regain top spot if they beat Aston Villa in the Premier League on Monday.