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Arsenal would be in a battle with legendary former club Thierry Henry for Gelson Martins of Atletico Madrid.
Henry is currently manager of the French club of Monaco and wants Martins to join him.
However, gunners have also shown interest in the 23-year-old and are currently preparing a loan offer, reports the Star.
Martins joined Atletico only in the summer, but only started this season for the Spanish club.
And Chelsea could still play a crucial role in the Arsenal move for the player.
Due to the financial restrictions in the UAE, gunners are only on the market for loan signing.
The Atlético are not desperate for funds and might be willing to unload Martins from a temporary move to make room for Alvaro Morata of Chelsea.
The Blues striker was strongly linked to a transfer from Diego Simeone's side and should complete the switch change before closing the window.
The arrival of Gonzalo Higuain on the Stamofrd bridge will open the way to Morata to settle in the Wanda Metropolitano, which could allow Martins to leave.
Martins was ruled out of Simeone's team for the La Liga clash with Huesca on Saturday, suggesting an impending transfer.
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