Arsenal are reportedly prepared to let Jose Antonio Reyes return to Spain with Real Madrid in the summer, as long as Michael Owen heads to Highbury.
The former Seville star has been a disappointment this season as the
Gunners have failed to defend their Premiership crown.
He is said to be homesick and has failed to settle in north London, splitting with his Spanish girlfriend due to the long-distance nature of their relationship.
Gunners boss Arsene Wenger had been keen to give Reyes more time to settle, but is now under pressure to challenge new champions
Chelsea next season and will step up efforts to add Owen to his squad.
The England striker has constantly insisted he is happy with life at the Bernabeu - but the lure of regular first-team football could be too much to resist as he continues to play second fiddle to Ronaldo and Raul.
Arsenal took out insurance on Reyes failing to settle in England by paying in instalments. They have only paid Sevilla £10.5million of the agreed £17million transfer fee so far.
Newspaper reports claim they will now ask Real to pay £10m for the Spaniard and then turn their attention to Owen, who is rated in the £12million bracket.
