With the amount of finance the Gunners have in store this season, the Uruguayan striker seems to be their number one target.
Real Madrid president Florentino Perez feels that Kaka is still one of the greats of the game and is optimistic Carlo Ancelotti can reignite the player's career.
The 31-year-old who scored just five goals from just 26 appearances is dicey about his future with the Los Blancos.
IBNLive Sports gives you Monday's round-up of all the latest transfer news and gossip from the leading clubs and top players around the world.
The former Malmo, Ajax, Juventus, Inter Milan, Barcelona and AC Milan man has scored 92 goals in his past three seasons.
IBNLive Sports gives you Thursday's round-up of all the latest transfer news and gossip from the leading clubs and top players around the world.
Although Florentino Perez wanted Zizou to be the technical director but the French legend will fulfill his desire of starting a coaching career.
Ancelotti also confirmed former France and Real midfielder Zinedine Zidane would be one of his assistants on the bench along with Englishman Paul Clement.
Ancelotti was introduced to Madrid members and the press at the Santiago Bernabeu by Perez in a step aimed at healing the rifts caused by predecessor Jose Mourinho.
IBNLive Sports gives you Tuesday's round-up of all the latest transfer news and gossip from the leading clubs and top players around the world.
Madrid announced former PSG boss Carlo Ancelotti as their new manager on a 3-year contract replacing Jose Mourinho.
President Perez said PSG coach Carlo Ancelotti and Malaga midfielder Isco are under the radar of Real Madrid.
Fabio Capello is set to replace Carlo Ancelotti at Paris Saint-Germain's helm.
Real president said his club has not made any such offer after announcing earlier that Jose Mourinho won't continue.
But it's believed the recently crowned French league champions are reluctant to release him a year before his contract expires.
Ancelotti ducked questions about his future on Friday, saying he had not made his decision then.
David Beckham hugged his team-mates with tears in his eyes, then walked off the pitch to a standing ovation - for the last time in front of a home crowd.
Paris St Germain have rejected a bid by Real Madrid to hire coach Carlo Ancelotti, club president Nasser al Khelaifi said.
From Manchester United to Real Madrid and Chelsea to Paris St Germain, the biggest managerial overhaul is looming this summer.
The victory took PSG nine points clear with four rounds remaining
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