Despite word of an agreement for goalkeeper David Ospina, Arsenal are linked again to Spanish stopper Iker Casillas.
The Real Madrid goalkeeper faces being pushed further down the pecking order at the Bernabeu by the arrival of Keylor Navas.
Second choice to Diego Lopez last summer, Casillas faces a big decision over his future, and has previously been reported to be open to a move to Arsenal.
It's an expensive sum, and one which comes with an asterisk attached.
Arsenal do not want to pay a transfer fee for the goalkeeper, the paper write, instead hoping Madrid will release him from his contract.
EC write: "He (Casillas) hopes that, if necessary, Real Madrid will provide the output as a reward for his long and successful career in Madrid.
"Arsenal have already made it clear that to be part of the Gunners he must become a free agent."
Arsenal are in a position of power, due to already having an agreement for Ospina. If the Casillas enquiry does not work out, they already have a transfer in place.
Real Madrid have told Casillas that one way or another, his future will be sorted out by August 1.
Previously regarded as the best goalkeeper in the world, Casillas has lost form over the past two seasons and lost his first choice role in Madrid's side.
Casillas, 33, has a contract at Real Madrid which runs until June 2017.