The 24-year-old winger could be available before the deadline, with Arsenal ready to act if a loan or purchase option becomes realistic in the final days.
Arsenal are reportedly exploring a late-window move for Rodrygo Goes, with Mikel Arteta keen to add a left-sided attacking option before the transfer deadline.
The 24-year-old Brazilian is on the fringes at Real Madrid and could be available if his game time under Xabi Alonso remains limited in the opening weeks of the season.
The Gunners have already spent close to £225 million this summer on Martin Zubimendi, Viktor Gyökeres, Noni Madueke, Cristhian Mosquera, Christian Nørgaard and Kepa Arrizabalaga, yet Arteta still wants a creative midfielder and a left-footed winger, according to this report.
Eberechi Eze is the preferred option in midfield, with Arsenal expected to approach Crystal Palace for a price.
Rodrygo’s situation is more complex. Arsenal are understood to be assessing a loan move, potentially with an option or obligation to buy, a structure not favoured by Madrid, who would prefer a permanent sale.
The Spanish club believe a season-long loan without a significant fee offers little immediate benefit, but it could allow Rodrygo’s value to recover before a future transfer. His market valuation is currently around £76 million, but Madrid accept it will fall if he spends much of the season on the bench.
Arsenal are apparently prepared to wait until the final days of the window, hoping a lack of minutes will shift Madrid’s position.
Rodrygo, under contract until 2028, has struggled to establish himself as an undisputed starter in Madrid. He failed to consistently impress when Carlo Ancelotti handed him a regular role, and with competition fierce under Alonso, his opportunities look set to diminish further.
The decision on his future ultimately rests with the player, but Arsenal are positioning themselves to act if he pushes for a move.