Arsenal remain committed to keeping Martin Odegaard but have long kept tabs on Nabil Fekir as they consider alternatives.
The Real Madrid loanee arrived in January and has quickly settled in north London.
His creative flair has been a huge plus for the Gunners and they will be keen to retain his services.
Odegaard's future remains up in the air however with several factors affecting his next move.
The Norwegian is desperate to prove himself at the Bernabeu but struggled for opportunities under Zinedine Zidane.
Should the Frenchman remain in charge then Odegaard could seek pastures new, although his transfer fee could then become an issue.
The Gunners have no purchase option on the 23-year-old, who is understood to have a £300m release clause.
Arsenal remain admirers of Fekir, who moved to Real Betis in the summer of 2019.
The World Cup winner has been on the Gunners radar throughout his time in Spain, reports Goal.
A move for Fekir will only be pursued if Odegaard returns to Madrid.
The finances of making a deal happen could be beyond Arsenal with Betis inserting a £77m release clause into his contract.
It is understood that the La Liga outfit would not demand that see to part with Fekir however.
Instead he could be available for as little as £27m, which is considerably less than Odegaard could cost.
Fekir recently switched agents as he prepares for a potential summer switch having previously seen a Premier League move collapse.
Liverpool were close to signing him back in 2018 but the transfer never materialised.
Fekir, who is now coached at Betis by Manuel Pellegrini, grabbed seven goals and four assists from 31 appearances in his first season in Spain.
