A report emanating from Italy this morning claims that the Gunners and Spurs are set to go head-to-head in a battle to sign Real Madrid ace Dani Ceballos, according to Italian media outlet Calcio Mercato.
Both Arsenal and Tottenham are a long way behind league leaders Manchester City, and will be looking to bolster their options during the January transfer window.
And Calcio Mercato claim that the 21-year-old Los Blancos midfielder has emerged as a key target for the north London pair after becoming unhappy with his peripheral role at the Bernabeu.
Ceballos joined Madrid from Real Betis in July of this year, but has gone on to make just two La Liga starts for Zinedine Zidane's men.
The Spaniard oozes class though, and the undoubted talent that he possesses would make him a superb signing for either Arsenal or Spurs.
He is an orthodox midfielder by trade, and can have an influence on both the defensive and offensive sides of the game.
Whether Zidane would sanction his exit from the Spanish capital remains to be seen, but with the opening of the January transfer window just around the corner, this will certainly be one to keep a close eye on.