Arsenal had a £34million bid for Marco Asensio rejected in the summer after the Spaniard agreed to remain at Real Madrid.
After an 11-month injury layoff, he struggled to play for Los Blancos under Zinedine Zidane last season.
The Spaniard knew he would get the chance to play more often in this campaign after Madrid fired Zidane and replaced him with Carlo Ancelotti.
However, he also had his mind prepared to leave if things didn’t change under the new management.
Arsenal and some top European clubs became interested in a move for him.
Spanish Radio station Cadena Ser via Mail Sport claims the Gunners had the strongest interest in his signature and tabled an offer for him.
They have a fine business relationship with Real Madrid that has seen them take some of the Spanish club’s top players on loan in recent seasons.
They also signed Martin Odegaard from them permanently in the summer, but they couldn’t tempt Asensio to join the Norwegian.
The report claims that Ancelotti eventually convinced the Spaniard that he would get game time, although it would be in midfield and not in a front-three.
Asensio has still not become a regular at the club and that could open up the chance for Arsenal to get their man when this campaign ends.