Real Madrid are reported to have told Vinicius Junior that his only three options are to sign a new contract, leave for free next summer or sign for Arsenal now.
Mikel Arteta's side will take on Girona later on Saturday in their latest pre-season outing, with the Gunners boss hoping that the next period of friendlies will help his side mount a strong defence of their title.
If the Londoners are to fend off the likes of Manchester City and Liverpool, they will need to be ambitious in the transfer market.
Links to Real winger Vinicius Junior have sparked optimism in the fanbase that the Gunners can retain their Premier League crown, especially as the Brazilian is yet to sign a contract that would prevent him leaving for free next summer.
A report in The Athletic by Mario Cortegana, James McNicholas and David Ornstein has claimed that leaving for free is one of three options for Vinicius Junior, and the other two are to leave now to Arsenal or to extend his terms despite financial differences with Real Madrid.
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The report states that the main point of contention between Real Madrid and Vinicius Junior is the fact the winger is demanding a renewal bonus.
Real would consider a renewal bonus as unprecedented as it could have a knock-on effect for future renewals with other players, and perhaps that is why Arsenal are confident they can lure the Brazilian to the Emirates.
However, the report also states that Vinicius Junior is willing to lower his demands if it helps Los Blancos agree to a deal.
A move to Arsenal would appear unlikely, especially as the Spanish giants are arguably the number one destination in world football, but the Gunners have at least positioned themselves as the leading alternative for the 26-year-old.
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If Vinicius Junior ultimately signs a new deal to stay in Spain, then Arsenal will not have long to find a new attacker to play on the left.
Morgan Rogers joined Chelsea, while Bradley Barcola is thought to prefer a move to Liverpool, and that could leave the Gunners scrambling for a new winger.
The club begin their Premier League campaign on August 21 against Coventry City, and they face the real prospect of heading into that game with Gabriel Martinelli and Christos Tzolis as their only left-wing options.