Arsenal and Chelsea are reportedly considering big-money moves for Real Madrid playmaker Isco.

While the Spaniard has found himself increasingly involved in the first-team picture this season, it has not stopped speculation regarding the 27-year-old's future.

As well as Manchester City, who have been linked with Isco in the past, El Desmarque suggests that the Gunners and the Blues are ready to make an approach.

Both Mikel Arteta and Frank Lampard are keen to strengthen in the final third, something which has already been addressed by the latter with the signing of Hakim Ziyech.

Given their need to raise funds for new players, Los Blancos are said to be willing to entertain offers in the region of £63m.

Isco has contributed just one goal from 17 outings in La Liga and the Champions League this campaign.