Arsenal will be in the market in search of attacking reinforcement, as they plan to build a strong team that will be able to compete for European competition in the next season and they look to have identified 26-year-old Real Madrid star as a potential transfer target.

The London giants are ready to offer the 26-year-old attacker a deal that will see him earn more than what he is expected to get from Real Madrid this summer, according to reports.

 The Spaniard has been heavily linked with a move to the Emirates Stadium since the last summer transfer window, during which Arsenal saw their offer of £35m being rejected by the Los Blancos.

Marco Asensio will see the end of his contract in the next one year and Real Madrid looks interested in extending his contract as they have reportedly offered him a new four years deal in the region of £3.7million a year, with an additional £1.2m in bonuses.

According to the Sun, Arsenal is reportedly ready to offer the 26-year-old Asensio a £5m-per-year contract, which will be 50 percent more than what Real Madrid offered him.

Arsenal could face stiff competitions from Liverpool, AC Milan, Borussia Dortmund, and Juventus to land the signature of the Spanish international, who has been able to play 20 La Liga games this season and registered 7 goals.