The Mirror reports that Schalke's Lewis Holtby is on the radar of Arsene Wenger, and could be brought in as a replacement for Theo Walcott.
Walcott has just one year remaining on his Arsenal contract, and talks have recently stalled over a new deal.
Goal.com insists the winger is holding out for a €120,000-a-week agreement over four years, but Arsenal have set their bar at €100,000.
If Walcott decides his future lies elsewhere, it could come as a major loss to the Gunners who desperately want to compete on both League and Champions League fronts next season.
Lewis Holtby, the son of an English father and a German mother, has revealed he would love the chance to play in the Premier League one day.
I am very happy in Schalke. But I would be lying if I said I will definitely extend may contract. My dream was always the Premier League—and someday I will make this step.
Holtby would present the Gunners with a more technical approach to attacking-play, while Walcott solely relies on pace and energy.
Whether or not there will be room for another signing this summer however, is a big question mark.
With Lukas Podolski and Olivier Giroud already on the books, things are beginning to look a bit congested in the attacking third of the pitch.
Before any speculation on Holtby can come to full fruition, Arsenal must first and foremost resolve the Walcott situation and attempt to avoid deadline-day drama at all costs.