Arsenal are one of three clubs tracking Espanyol defender Mario Hermoso, according to Sport.
The Catalan publication reports the Gunners, Paris Saint-Germain and Bayern Munich are all competing to sign the centre-back this summer.
Hermoso has helped Espanyol qualify for the Europa League this season; the first time the Spanish club have qualified for a European competition in twelve years.
Despite his importance to the side, the 23-year-old could be available for just €20m (£17.6m), but there is a complication in any deal going ahead.
Hermoso came through the academy at Real Madrid, and the La Liga giants have a buyback clause of just €7m (£6m).
Madrid could well re-sign the defender before offloading the player for a profit this summer, which makes securing his services a rather complex affair.
In addition to Hermoso, Arsenal have been linked with the likes of Roma’s Kostas Manolas and Saint Etienne’s William Saliba as possible alternative centre-back targets in recent days.