Arsenal have targeted Bayern Munich midfielder James Rodriguez as a replacement for Mesut Ozil, according to a report.

The Gunners are looking to offload the ex-Germany international and are believed to have received an £18m offer from Atletico Madrid.

Unai Emery has been told that he cannot bring in any new players this month on permanent contracts unless money is knocked off the wage bill, and offloading Ozil - currently on £350,000 a week - will help to achieve that.

According to the Daily Mail, James has been eyed up by Emery and Arsenal could make a move later this year.

The 27-year-old, on a two-year loan with Bayern from Real Madrid, may be available for as little as £3m as the German side do not want to sign him permanently.

James was a regular under Carlo Ancelotti, but he has been used more sparingly since Niko Kovac took over last summer.