The north London side could even offer long-term centre-back Laurent Koscielny to the Spanish club in part-exchange for Gimenez to lower the 23-year-old's price tag, according to rumours site El Gol Digital, via the Express.
After splashing the cash to improve their attack in January, Arsenal are expected to rejuvenate their defence in the summer. The Gunners have conceded 41 goals in 29 Premier League games so far this season, making a defensive overhaul likely.
Uruguayan centre-back Gimenez is reportedly among Arsenal's preferred choices to bring to rhe Emirates and it is claimed that the young defender has suggested he could be convinced to leave his current club in the summer.
With Arsenal apparently worried about how much it could cost them to land their main target, adding Koscielny in as part of the deal could be a good option for the London club. Atletico manager, Diego Simeone is reportedly a fan of the 32-year-old, so this is a deal that could be agreed.
Arsenal boss Arsene Wenger could find himself out of a job in the summer, as rumours continue to speculate in the wake of the Gunners bad run of form. And the French manager has already lost control of the transfer dealings within the club.
Raul Sanllehi and Sven Mislinta were both brought into the club at the end of last year to take charge of recruitment for the north London side, and it is the defence that they will be looking to improve.
Transfer target Gimenez has made 28 appearances for Atletico this season, as the Spanish side refuse to give in on La Liga title race.