Kostas Manolas is in high demand in the transfer market and a four-way struggle to sign him could be on the cards.
The Greek international centre-back is said to have been the subject of a bid from Italian champions Juventus, but Arsenal may see him as a replacement for Thomas Vermaelen.
However, things could be further complicated by interest from another two major European clubs.
Olympiacos advisor Christian Karembeu has warned Juventus that Manolas won't leave for less than £8 million, but that sum could be greatly increased if a bidding war begins.
Bayern Munich have just lost Javi Martinez for seven months and are expected to look for a replacement while Manchester United are short of defensive options after a summer clear out.
Juventus appear to have turned their attentions to Benfica defender Luisão, possibly as a concession that they can't compete with the big guns in an auction.
Olympiacos are said to be taking their time over deciding their next move in the hope that bids will start to arrive which can be played off against each other.