Paris Saint-Germain have launched a initial £25m bid for Hector Bellerín, according to the Guardian.
The offer also contains £5m in potential add-ons.
The French club have reportedly been in contact with Arsenal over the past week and have now submitted a formal offer as they look to replace Thomas Meunier, who joined Borussia Dortmund on a free transfer this summer.
Bellerín has three years left on his Arsenal contract but that has not deterred interest from PSG, nor from their Champions League final opponents Bayern Munich, who have also shown an interest, as well as Juventus.
Bayern’s interest in Bellerín suggests a move back into midfield for Joshua Kimmich, with Benjamin Pavard returning to his right-back position. Bellerín would provide a more attacking, direct option that Pavard, replacing his compatriot Alvaro Odriozola who has returned from his loan spell to Real Madrid.
As for Juventus, their right-back options consist of Danilo and Mattia De Sciglio, both much more conservative than Bellerín, who would add a dimension of pace and creativity to their attacks from wide.
But Arsenal will not want to sell the 25-year-old, although it is understood they would be willing to sell should the right bid come in.
Arsenal will need to balance the books this summer, and have so far spent more money than they have brought in, on Gabriel Magalhaes, Willian and Cedric Soares and Pablo Mari. But Mikel Arteta would prefer to find the funds elsewhere than to sell his best right-back.