Arsenal are poised to make a £33m move for Real Madrid midfielder Isco, according to reports in his native Spain.
Spanish publication Fichajes says Arsene Wenger is keen to rival Chelsea for the 23-year-old's signature in January.
Another Arsenal target seems less likely to sign, though. Midfielder William Carvalho, 23, is poised to agree a new deal with Sporting Lisbon, according to RTP Africa via Goal.com.
Bayern Munich visit The Emirates on Tuesday and will face a player they attempted to sign in 2010.
The Daily Mail report that the Bavarian club were keen to recruit 27-year-old German playmaker Mesut Ozil five years ago.
In Marca, meanwhile, Arsenal's Spanish right-back Hector Bellerin, 20, has refuted suggestions that he would be tempted by a return to childhood club Barcelona.