The report indicates that the Toffees are willing to sell Yannick Bolasie, Cenk Tosun, Kevin Mirallas, James McCarthy and Oumar Niasse to free up the wages required to sign the pair.
Arias started 20 La Liga matches for Atletico Madrid last season, coming on as a substitute five times, scoring one goal and assisting another.
He was impressive defensively, completing 1.9 tackles (per WhoScored), 1.4 interceptions and 1.4 clearances per game during that time.
Everton don’t currently have any high-level competition for Seamus Coleman in the right-back position, so Arias’ defensive solidity would see him act as a good replacement for the Irishman if he was out of form or unavailable.
The Toffees also need a new striker, with Cenk Tosun and Oumar Niasse among those who could be sold, meaning Dominic Calvert-Lewin will be Everton’s main striker next season as it stands.
The 22-year-old made 19 Premier League starts last season and came off the bench 16 times, scoring six goals and assisting twice.
Welbeck managed just three starts and seven substitute appearances in all competitions last season, though he did score three and get one assist.
He spent 200 days out injured during the 2018/19 season though, which shows it would be a risk for Everton to take him on, as a long term injury to the 28-year-old would leave the club with Calvert-Lewin as their sole natural senior striker.
If Everton were to sign Arias it would be a superb move, as he would be able to provide Coleman with a good contest for places on the right-hand side.
However, Everton need a striker they will know can be relied upon and considering Welbeck’s injury history, it is difficult to say whether he is that man.
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