Celta Vigo striker Manuel Agudo Duran, known as Nolito, will leave the club in the summer if his buyout clause is met.
Arsenal were linked with the 29-year-old during last winter's transfer window and they might make a move to bring the Spaniard to the Emirates.
He is also a target for Manchester City and Barcelona.
"I think that Nolito will leave Celta this year," Celta Vigo president Carlos Mourino told Reporte Jalisco.
"There are no numbers, no negotiations. He has a buyout clause of €18m [£13.8million]. Who pays it, can sign him.
"Nolito is playing so good and is a player who we have had a lot of advantages from. He was in a second line and we knew how to recover him.
"If anybody pays us the €18m we will lose an important player, but we will have money that we have never had before to boost the squad for next season."