Despite signing Lucas Perez and Madrid's transfer ban being upheld, the Gunners have been linked with a move for the Frenchman
Arsenal will once again try to sign Real Madrid striker Karim Benzema, according Spanish outlet Merca Futbol.
Arsene Wenger has long been an admirer of his fellow countryman, though Benzema has always maintained his loyalty to the Santiago Bernabeu side.
Frontman Lucas Perez was signed from Deportivo La Coruna in the summer, but the north London club are still keen to add to their attacking options.
The report suggests Wenger will test Madrid's resolve with a £40 million bid, though the Gunners' efforts are unlikely to succeed given Madrid's two-window transfer ban.