Malaga attacking midfielder Isco is a £5 million target for Arsenal.
The Daily Star reported that Gunners boss Arsene Wenger wants the 19-year-old as part of his summer rebuilding plans.
Wenger is rethinking his approach at the Emirates in the wake of the humiliating 4-0 defeat by AC Milan.
And that will mean a summer delve into the transfer market to bolster his squad.