Bale scored twice on Saturday as Real won 3-0 at Las Palmas in La Liga, but the Welshman is not a hugely popular figure with the Madrid fans and has been linked with a move away as Zinedine Zidane prepares for a huge personnel turnover this summer.
But now the Mirror are claiming that United will renew their interest in the player, who has been valued at £80m. In an effort to comply with Financial Fair Play rules, United may sacrifice Martial to free up room in the budget for a summer bid.
The Frenchman has shown glimpses of his talent since joining United from Monaco in 2014, but 36 goals in 131 games is not a strike rate to write home about, and Jose Mourinho may be running out of patience.
Arsenal could give Martial a second chance in the Premier League as they are prepared to bolster their attacking options by taking the 22-year-old off United's hands.
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United and Arsenal have a good business relationship, with Alexis Sanchez and Henrikh Mkhitaryan switching clubs during the January transfer window.
Arsenal also brought in Pierre-Emerick Aubameyang during that window but could still do with some improvements to their attacking lineup. Alexandre Lacazette has flattered to deceive and Danny Welbeck lacks the necessary quality.