Mariano Diaz is reportedly not interested in a move to Arsenal this summer.
Real Madrid are keen to offload Diaz this summer and had offered him to Arsenal for a cut-price £18m.
Diaz only rejoined Real a year ago for £30m but he does not feature in Zinedine Zidane's plans at the Bernabeu.
Tottenham had also been linked with Diaz but he is not keen on a making the switch to the Premier League.
AS reports the 25-year-old doesn't fancy moving to the Emirates and would rather fight for his place at the Bernabeu.
Roma and AC Milan are also monitoring Diaz, who is likely to be stripped of his No.7 shirt number for the start of the season.
Eden Hazard is expected to take the shirt after completing his switch from Chelsea .
Arsenal meanwhile are down a forward since allowing Danny Welbeck to leave the club.
They made an approach to Real for Lucas Vazquez as a possible option to fill the requirement for a wide man, but the opportunity to sign Diaz presented itself.
Arsenal are still weighing up whether to make an improved offer to sign Wilfried Zaha from Crystal Palace .
An initial £40m transfer offer was rejected by Palace, who want almost double for their talismanic winger.
But Arsenal are likely to try and tempt Palace into a deal by making a cash-plus-players offer.
Arsenal are also closing in on the signing of Saint-Etienne youngster William Saliba.
