The La Liga side are eyeing the Magpies defender as a replacement for Shkodran Mustafi.
Newcastle's Chancel Mbemba in action with Aston Villa's Jordan Ayew
The German World Cup winner has been heavily linked with a move to Arsenal in recent weeks, with the Gunners in the midst of a defensive crisis.
They have lost Gabriel Paulista and Per Mertesacker to injuries in pre-season, leaving them with just Calum Chambers and Rob Holding at centre half.
Arsenal's Alexis Sanchez in action with Newcastle's Chancel Mbemba
Both of those struggled at the weekend as Arsene Wenger’s side were beaten 4-3 by Liverpool on Sunday, making a move for Mustafi seem increasingly likely.
Should he complete a move to the Emirates, the Spanish side will need to replace him and it seems they have lined up Mbemba in a potential £7 million move, according to the Daily Star.
Newcastle's Chancel Mbemba in action
He could face a fight for first team football at St James Park this season, with the Magpies having added both Grant Hanley and Ciaran Clark in the position this summer.
With Jamaal Lascelles also named as captain and likely to be a regular starter too, that leaves Mbemba down the pecking order and now the Spanish side may be ready to offer him an escape from the North East.
Newcastle United's Chancel Mbemba celebrates