Karim Benzema could replace Alexis Sanchez at Arsenal should the Chile international leave the Gunners, as reported by Dario Gol.
Sanchez has been heavily linked with a move away from Arsene Wenger's side after admitting earlier in the summer that he wanted to play in the Champions League, a competition Arsenal failed to qualify for last season after finishing fifth in the Premier League.
Meanwhile, Benzema helped Madrid to the La Liga title last season, scoring 11 goals and adding five assists, and his spot in Zinedine Zidane's team seems secure after Alvaro Morata was sold to Chelsea in July.
The former Lyon striker, who remains out-of-favour at international level with France, has been linked with Arsenal in the past but remains at Madrid, the club that he joined back in 2009 for a fee of around €40m.
Sanchez has missed Arsenal's first few matches this season through injury but could return for Sunday's trip to Liverpool as the Gunners look to bounce back from their 1-0 defeat at Stoke last week.
Should the former Barcelona attacker fail to agree a new contract with Arsenal then the club could turn to Benzema, who has won three Champions League titles with Madrid.
Madrid got their La Liga title defence off to the perfect start last week with a 3-0 win over Deportivo La Coruna.