Real Madrid will reportedly propose a swap deal to Arsenal involving James Rodriguez in exchange for striker Pierre-Emerick Aubameyang.
The striker has raised question marks over his future at the Emirates by deciding to postpone contract talks amid Arsenal's struggles this season.
Los Blancos, on the other hand, are happy to use Rodriguez as a makeweight in potential deals, with the Colombia international only managing one goal in La Liga since August.
According to El Desmarque, Madrid are keen to take advantage of Aubameyang's unsettled situation in North London.
The Gabon international reportedly had no intentions of signing a new deal with Arsenal if Unai Emery had continued as manager.
However, despite Emery's dismissal on Friday, Aubameyang would nonetheless be keen on a summer departure should Arsenal once again fail to qualify for the Champions League.
