Arsenal plan to approach Crystal Palace about Eberechi Eze and must wait to see if Rodrygo can leave Real Madrid on loan this summer, according to The Times.
The Gunners still hope to bolster their options in the final third by signing an attacking midfielder or a forward, and both Eze and Rodrygo remain on their radar.
Palace want £68 million – his release clause – for the England international, but Arsenal are hoping to do business for much less and convincing the Eagles to part with one of their most important players could be tricky.
The 27-year-old remains open to moving to the North London club having spent time in their academy as a schoolboy, but he is not planning on forcing an exit away from the Selhurst Park club.
A deal for Rodrygo could be more feasible should Los Blancos sanction an exit.
New Madrid manager Xabi Alonso is open to the departure of the Brazilian having used him sparingly at the Club World Cup, but the winger has yet to make up his mind.
Arsenal admire Rodrygo and could do with his presence in their attack, but his club may need to be open to sharing his wages with them if a loan deal is to work out.
The Gunners ended up paying just around 30 per cent (£97,500) of the £325,000-per-week wages of Raheem Sterling to secure his loan services last season and would love to seal a similar deal for Rodrygo.
They want to sell Fabio Vieira, Reiss Nelson, Oleksandr Zinchenko, Jakub Kiwior, Albert Sambi Lokonga and Leandro Trossard this summer, which would free up funds to complete one or two more signings, and they need to get those businesses done as fast as they can.