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Arsenal want Real Madrid star Vinicius Junior and have started weighing up whether they can afford the deal, though the situation remains at a very early stage, according to sources who spoke to ESPN.
The 26-year-old has just one year left on his Real Madrid contract.
According to the sources, Arsenal are the only realistic destination for Vinicius this summer, should he and the Spanish club fail to agree fresh terms.
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Madrid's interest in Leipzig's young winger Yan Diomande should also be read through the lens of Vinicius' future at the club.
Vinicius scored four goals in five matches for Brazil at the 2026 World Cup, but couldn't stop the Seleção crashing out to Norway in the last 16.
The Brazilian arrived from Flamengo in 2018 and has racked up the honours since. He has won the Champions League twice, La Liga three times, the Spanish Super Cup three times and the Copa del Rey once.
Earlier this week, Arsenal confirmed the signing of Greek winger Christos Tzolis from Club Brugge. Belgian winger Leandro Trossard left the Gunners for Turkey's Besiktas earlier this month.