Casillas wants to play abroad and the Gunners and the Reds are keen.
Real Madrid captain Iker Casillas has spoken candidly about his future and both Arsenal and Liverpool are keeping a close eye on developments, according to the Daily Star.
Over the past two years the 33-year-old has gone from being the established No.1 at the Estadio Santiago Bernabeu to playing second fiddle to more inexperienced goalkeepers.
Initially Diego Lopez was preferred between the sticks by former Los Blancos manager Jose Mourinho, but since Carlo Ancelotti took charge the trend has continued and now Casillas is competing with Keylor Navas.
Whilst the Spain skipper has said he would like to finish his career with Madrid, he is also open to the idea of playing abroad and there is great interest from the Premier League as a result.
“I’ve thought about leaving Spain,” Casillas was quoted by the Daily Star.
“You think: ‘I have to compete and fight.’ These past two years have made me fight and become stronger.”
The Reds were the first to show interest in Casillas this time around as concerns grow over the capabilities of Simon Mignolet, although former FC Barcelona stopper Victor Valdes is also being monitored.
As for the Gunners, they have previously kept tabs on the Spaniard and see him as the ideal competition for Wojciech Szczesny and David Ospina.