The Gunners have been reported to be keeping tabs on Isco Alarcon, who looks all but set to leave the Bernabeu this summer and fresh reports from Spain claim that Arsenal could land the unsettled attacking midfielder for £32.5million.

The Spanish international put pen to a deal with the Spanish outfit only a couple of seasons ago and now finds himself at the periphery of plans at Real Madrid given the rise in prominence of their new recruit in James Rodriguez.

The former Malaga stalwart has also voiced his unrest over his playing time being limited under Carlo Ancelotti, thereby alarming Arsenal, Liverpool and other suitors.

Manchester City, who are on the lookout to reinforce their squad after a lackluster season, were reported to have commenced negotiation with the Spanish outfit, but Spanish news outlet now claims that Arsenal are in the driving seat to complete the signing of the 24-year-old attacking midfielder.

Arsene Wenger is someone, who is known to favour talent over name, but the Spaniard possesses them both and from his side, the French manager could offer him Champions League football, regular playing time and most importantly, the recognition, which could lure any passionate footballer.

Santi Cazorla, Tomas Rosicky and Mikel Arteta have reached their thirties and with the exception of the Spanish international, the other central midfielders are past their prime and Arsene Wenger would want to replace the aging stars with young world-class faces and Isco is someone, who impeccably fits the bill.