Real Madrid reportedly wanted to sign Gabriel Jesus in the last transfer window and they were one competitor Arsenal had for his signature.
The Brazilian was to leave Manchester City and piqued the interest of several clubs around Europe.
Arsenal won the race because Jesus had a passport issue that would not allow him to join Madrid, reports suggest.
He is now a key player at the Emirates, but Madrid has not given up on adding him to their squad.
The Spaniards have had a good season, but their main striker Karim Benzema is not getting any younger.
They are now looking for a replacement for him and a report in The Sun says Jesus is still on their shopping list.
It claims the striker is one person Carlo Ancelotti wants to work with and Los Blancos could attempt to sign him again when this campaign finishes.
Their efforts will likely be turned down by Arsenal, but it remains unclear if Jesus would want to try a new environment.
Just Arsenal Opinion
Jesus is one of our most important players and we cannot even consider selling him for any price now.
The Brazilian has been a fixture in our team and his impact is one reason we are around the top of the league table.
If he continues scoring, we could reach our ultimate goal of winning the title.