Arsenal could offer Ainsley Maitland-Niles as a makeweight to sign Wolverhampton Wanderers midfielder Ruben Neves.
The Gunners are expected to offload Granit Xhaka in the coming weeks, and they are already looking for a replacement.
Neves has been identified as the top midfield target, but they are not in a position to meet the £40m valuation set by Wolves.
According to The Express, the Gunners could propose a part-exchange deal with Maitland-Niles moving the opposite direction.
Maitland-Niles was on the cusp of joining the Midlands outfit last summer before Mikel Arteta blocked the proposed transfer.
He is reportedly valued at around £20m, and it remains to be seen whether Wolves are still interested in securing his services.
Nuno Espirito Santo was the driving force behind the approach last summer, but he is no longer the manager of the club.
Wolves recently appointed Bruno Lage as their new head coach. They plan to offload high-profile players to boost transfer funds.