Mathieu Flamini could reportedly be heading back to Arsenal for a second spell.
Flamini's contract with AC Milan expired last month and the 29-year-old has been training with the Gunners over the past fortnight.
Flamini spent four years at Arsenal before his switch to Italy, winning the FA Cup in 2005, and according to The Times, Arsene Wenger is giving "serious consideration" to re-signing the midfielder, who is said to be asking for a £75,000-a-week deal.
The Frenchman left Milan after failing to agree terms on a new contract, with the Serie A giants unwilling to offer him anything longer than a two-year extension.
According to Thursday's report, whether Arsenal firm up their interest in Flamini may depend on how their pursuit of Yohan Cabaye plays out. Wenger faces competition from Paris Saint-Germain in the race to sign the Newcastle midfielder.
Meanwhile, Valencia have told Arsenal that goalkeeper Vicente Guaita will only be sold if his buy-out clause is met.
Club president Amadeo Salva told Las Provincas: "Guaita is a world-class keeper and we have no need to sell, but we would study the price of any offers.
"He is not happy with being a substitute sometimes, and his agents have reported that he could find a way out.
"This does not sit well with the board - if you do not play every week, you have to make sure you keep respecting Valencia."
Guaita is under contract at the Mestalla until 2015 and is believed to have a €25million release clause.