Emirates club are interested in Bernabeu defender.
Arsenal are interested in signing Real Madrid defender Raul Albiol for £8million to strengthen their defensive options.
The 25-year-old has fallen out of favour at the Bernabeu since the arrival of Jose Mourinho and finds himself behind Pepe, Ricardo Carvalho and Rafael Varane in the pecking order.
Regular right-back Sergio Ramos is also preferred to the Spain international as a centre-back option.
Former club, Valencia have registered their interest in taking Albiol back to the Mestalla after selling him to Madrid in 2009 for £13million.
Arsenal tried to sign him then as well and could reignite their interest as their hunt for a top quality centre-half continues, according to the Metro.
Moves for Gary Cahill, Christopher Samba and Phil Jagielka have broken down over transfer fee, while Scott Dann is seen as a back up choice.
The need for a new defensive partner for Thomas Vermaelen has been highlighted already by injuries to Laurent Koscielny and Johan Djourou.
Frenchman Sebastien Squillaci is up for sale, leaving youngster Ignasi Miquel as the only other option for manager Arsene Wenger.