The report claims that Deportivo's president Tino
Perez played for Deportivo between 2014 and 2016 and grew up in Coruña as a child and could be tempted by an offer to move back home.
It is understood that Arsenal are prepared to take a loss on the Spaniard, with a fee of around £10m thought to be sufficient to secure Perez’ services.
Perez had been prolific in La Liga after scoring 17 goals for the Branquiazuls in their 2015/16 season.
Fenerbahçe are also reported to be interested in Pérez, however the striker is said to prefer a move back to Deportivo, or at least La Liga. With one season to go before the 2018 Russia World Cup, Pérez sees regular playing time in his home country as his best chance of forcing his way into the Spanish national side for the first time.