The former Chelsea man has refused to rule out the possibility of a move for the Tottenham midfielder, with disagreements over a transfer fee reportedly proving a stumbling block
The Netherlands international has been linked with a switch away from White Hart Lane this summer but De Telegraaf reports that the German club are not willing to meet Spurs' asking price of over €12 million (£9.5m).
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Arnesen, though, has revealed that he "does not exclude" the possibility of a late agreement, similar to the one that took the Dutchman to Spurs, being reached for the 29-year-old's transfer.
"Maybe it will be a last minute deal," he told the Dutch newspaper.
According to the report, Van der Vaart would be open to a move back to the Bundesliga but is satisfied with life in London and has previously stated that he is happy to stay at Spurs.
The Ajax academy graduate joined Hamburg in 2005 and was later named the club's captain before signing for Real Madrid in 2008.