Los Blancos looks set to cut down cost in the squad after a summer of heavy purchases by offloading Dani Ceballos.
After spending about £300m on new players, Real Madrid will be expected to offload some key players with Bale and Dani Ceballos leading the line to exit.
In an interview, Unai Emery made it clear the club is looking forward to new players to help fight for trophies in the upcoming season.
And the availability of Dani Ceballos is one the North London based club is reported to be exploring.
“We are working, the club is working with the possibility to sign some new players to help us,” Unai Emery said last week.
“We are doing a lot of meetings with the club, with (technical director) Edu, with Raul (Sanllehi, head of football) and also with Josh and Stan Kroenke on Monday in Denver.
“We have a clear idea to sign players to help us with quality and in the positions we need.
“We are taking with the patience and with calm because we really want to sign players who can help us with a big performance and also because we think in the team we have very good players and young players and we also need to take the best player in some positions.
“Really, I can say to our supporters that we are going to have a very good team with the players that are there now and also with three or four players who can help us in a few days.”
The pursuit for the 22-year-old is not a one-way affair as Tottenham Hotspurs is also eager to bring in the Spaniard.
The initial plan was to sell the youngster but after impressing in the U-21 European Championship with Spain, Real Madrid has considered the option of a loan or sell with a buy-back clause attached.
A loan will certainly be ideal for the Gunners as the club is strapped for cash this summer.
It has been reported in Spanish newspapers that the midfielder favours a move to Arsenal and that will likely boost the chances of the Gunners acquiring his signature.
