Arsenal are reportedly weighing up a potential move for Isco, who has fallen out-of-favour at Real Madrid this season.
The 28-year-old has made seven league appearances this term, but only four of those have come from the starting lineup.
Elsewhere, the Spaniard has been an unused substitute in the Champions League and he is desperate to pursue a fresh challenge in January.
According to Defensa Central, the Gunners are long-term admirers of the Spaniard and they could make an attempt to sign him.
It is added that Los Blancos may be willing to part ways with the playmaker, but they would want their asking price (£18m) to be paid in full.
Isco has bagged over 50 goals and 50 assists for Los Blancos over the past seven years, but he has not made any goalscoring contributions this term.
He has dropped out-of-favour with Spain due to his club situation and will be hoping for a new challenge in January to boost his Euro 2020 selection prospects.