For some time, Real Madrid have been in pursuit of Liverpool's Luis Suarez, but after the Uruguay international's breakout 30-goal season with the Reds, the competition for the 26-year-old has started to heat up.
It puts the Gunners firmly in pole position on Suarez, because Real Madrid have insisted they will not pay more than £25m for the striker- which will be nowhere near enough.
But it is understood Suarez's representatives are making encouraging noises to Arsenal, and other potential suitors, suggesting that if a bid of £40m is made then Liverpool will have to sell.
Arsenal generally do not get into bidding wars with other elite clubs over transfers, partially because the club is usually unwilling to spend as freely as their biggest competitors.
But if it's true that the Gunners are intent on getting Suarez, regardless of price, the £40 million offer for the sublimely gifted striker is certainly a big step up from Madrid's current bid.
However, it would be foolish to assume that if Real Madrid truly covets Suarez, they're done bidding, because the club has shown many times in the past that they're not afraid to overpay to get superior talent.
This is a situation to keep monitoring, as the bid from Arsenal surely won't be the last one extended to Liverpool.
Aside from Suarez, the biggest question mark surrounding Real Madrid's offense is whether Gonzalo Higuain will be back next season.
Last year, Higuain performed reasonably well, potting 16 goals in 28 league matches, and according to The Sun, the Argentinian striker has multiple suitors bidding for his services.
Initially, Arsenal were considered the favorite to land the 25-year-old scorer, but now, there's another eager club attempting to acquire Higuain:
The Gunners have been chasing the Real Madrid striker throughout the summer.
But, with new Napoli coach Rafa Benitez given £108m to splash out, the Italians appear to be moving closer to sealing a deal for Higuain and Spurs target Leandro Damiao.
What makes this particularly interesting is if Real Madrid is fully invested in obtaining Suarez, selling Higuain to the Gunners may be the club's best course of action, as it could lessen Arsenal's interest in Suarez.
However, that still doesn't guarantee by any means that Liverpool will make him available for anything less than Arsenal's latest offer.