Arsenal are considering offering Martin Zubimendi to Real Madrid as part of a deal to sign forward Endrick, according to TEAMtalk.
The London club want to secure the Brazil international on a permanent transfer rather than take him on loan. Real Madrid, meanwhile, have reportedly held a long-standing interest in Spain midfielder Zubimendi.
That interest could form the basis of a potential exchange between the two clubs, with Arsenal assessing whether to include Zubimendi in their proposal for Endrick.
Zubimendi has played 12 matches in all competitions this season and has provided one assist. Endrick has made seven appearances, scoring one goal and supplying one assist.
No agreement between Arsenal and Real Madrid has been reported, but the possibility of a player-plus-player arrangement is being considered as the Premier League club pursue a permanent deal for Endrick.