Arsenal are desperate to bolster their squad after missing out on the Champions League two years in a row.
But after finishing fifth in the Premier League, it has seriously depleted their transfer funds.
Unai Emery must get creative with his transfer targets as he looks to sign at least four players.
The Spaniard has been keen to bring in a centre-back, a left-back, a wide forward and a replacement for Aaron Ramsey.
And the midfielder Emery wants to sign is Real Madrid ace Dani Ceballos.
The former Real Betis star had a brilliant campaign in the Under-21 Euro Championships, where he helped Spain emerge as victors.
But he is marginalised at the Bernabeu, with the likes of Toni Kroos, Casemiro and Luka Modric ahead of him in the pecking order.
Zinedine Zidane does not want to let the 22-year-old go permanently and Goal are reporting a loan deal is in the pipeline.
However, the Gunners are not letting up and after confirming the arrival of Ceballos there is another man in their sights.
Goal go on to report that Arsenal will make a third bid for Kieran Tierney as soon as their business with Real has been concluded.
The Celtic star is top of Emery’s defensive targets and is capable of playing anywhere along the back-four.
But the Hoops are not letting him go cheaply and are demanding £25m up front for the defender.
The north London outfit did stump up £25m in their last offer but Celtic were unhappy with the way it was structured – which included £7m in bonuses.
It comes after the club decided to move away from Gremio star Everton – who is attracting attention from Europe this summer.
Arsenal’s interest in Wilfried Zaha is not going away but there are fears that Crystal Palace will price them out of a move.
The Ivorian has privately told friends that he hopes to make the move to the Emirates but the Eagles have slapped a £80m price-tag on him.
But there is some good news after Arsenal beat Tottenham to the signing of William Saliba, who will join for around £27m.