That is because according to Metro, both clubs are fighting it out for highly-rated Valencia forward Paco Alcacer.
The young Spaniard has enjoyed a ferocious start to the La Liga campaign having made his debut for the club aged just 16.
He also scored for the Spanish national team during the week as he made his debut for La Roja and that has alerted the Premier League duo.
Alcacer already has a release clause of £15 million in his contract which has 22 months left to run.
However, he has been hesitant to pen a new deal with the La Liga giants and reports suggest that he may already be open to a move to England.
Arsenal in particular have money to spend in January and Arsene Wenger is still keen on bringing younger players to the Emirates Stadium.
And it could prove to be a hat-trick of La Liga raids with links to Barcelona’s Sergi Samper and Munir El-Haddadi still doing the rounds.
Arsenal fans. Will you be keeping tabs on Alcacer’s progress this season? Let us know your thoughts below.