Arsenal failed with a late €45m (£34.6m) bid for Real Madrid midfielder Isco last month, according to The Sun.
Arsene Wenger saw his attempts to sign the Spain international fall short after Madrid manager Zinedine Zidane blocked the move with no time left to find a suitable replacement.
Isco, 23, has never really found a regular starting spot in the Madrid team since making the move from Malaga in 2013 and has been regularly linked with a move to the Premier League as a result.
Arsenal have, however, reportedly been given first right of refusal in the summer if another Premier League club matches their offer in the summer.
Over the last three campaigns, Isco has completed at least 10 more accurate through balls than any other Madrid player in La Liga (28).
For more stats on Isco, click here to visit his WhoScored player page
