Real Madrid will reportedly use James Rodriguez as a makeweight in a deal to sign striker Pierre-Emerick Aubameyang from Arsenal next summer.
The La Liga side have set their sights on signing a striker as the club looks to locate a long-term replacement for Karim Benzema.
Recent reports have stated that Aubameyang was considering leaving the Emirates next year following a difficult start to the season for the Gunners under Unai Emery.
According to El Desmarque, Los Blancos are keen on striking a deal for Aubameyang, who is said to be valued at around £69m.
Zinedine Zidane is willing to dispense with Rodriguez, whom he sent out on loan in 2017, in order to improve his options up front.
Arsenal, meanwhile, are reportedly at threat of losing both Aubameyang and Lacazette over the next summer transfer window should the club fail to reach the top four.