Arsenal are reportedly ready to turn their attention to Michu or Edin Dzeko if their move for Luis Suarez fails.
The Gunners have had two bids rejected for the Liverpool striker already this summer, with a recent report claiming that the Uruguayan is ready to sign a new contract with the Reds.
Reds captain Steven Gerrard also recently stated that the Reds' talisman will not be joining Arsene Wenger's side this summer.
Wenger has since earmarked Swansea City's Michu and Manchester City striker Dzeko as replacements, according to the Daily Mail.
The North London side have already missed out Gonzalo Higuain and Stevan Jovetic this summer, after the forwards joined Napoli and Man City respectively.
