Real Madrid forward Lucas Vazquez has reportedly emerged as a transfer target for both Liverpool and Arsenal.

Vazquez has made an impression for Real during the current campaign, with seven goals from 36 appearances in all competitions and seven assists coming in La Liga.

However, according to Diario Gol, the 26-year-old is keen to leave the Bernabeu during the summer and that has alerted both Liverpool and Arsenal.

Liverpool have funds to spend after the sale of Philippe Coutinho, and Vazquez could potentially be regarded as a replacement for the Brazilian international, while Arsenal are expected to look to strengthen in the final third ahead of next season.

Vazquez - who has spent all but one year of his career at Real - still has over three years remaining on his contract.