Arsenal are determined to offer an improvement to Alvaro Morata's wages in order to secure his services this summer.
The former Juventus striker has rejoined Real Madrid after the Spanish giants exercised the option to sign him back this month.
Chelsea and Paris Saint-Germain are also interested with Blues manager Antonio Conte already making personal contact to convince the Spaniard to join him at Stamford Bridge.
But with Michy Batshuayi joining and Diego Costa expected to stay, it seems unlikely for Conte to make a move for the 23-year-old.
The Gunners have already added a striker after signing Takuma Asano but the Japanese is expected to be loaned out at least for one season.
Morata has made it clear that his objective next season will be to feature for Real Madrid but will leave if manager Zinedine Zidane offers no first-team football guarantee.
"I don't have to prove anything to Zidane and Real Madrid," Morata told Cuatro last month.
"I'm not a Castilla player who is getting the chance to train with Real Madrid. The club will decide if I am to stay or not, but if I do continue my adventure in Madrid, I'll give my all to earn a starting spot.
"If that doesn't happen, then we will find a different solution. As of today I am a Real Madrid player and I cannot say anything else. I'd love to stay at Real Madrid, but I want to be important for a team and be in with a chance of starting.
"Things have changed a lot since I was last here, but now I am back and I'm happy with that. For the moment I am concentrating on the Euros, because we want to win it."