talkSPORT claims the north London club contacted the former Spanish champions with an offer for the wantaway star who featured in 53 matches last season.
With eight goals and 16 assists, he has the creativity new Gunners head coach Unai Emery is seeking, as well as alleviating some of the goalscoring responsibility on Pierre-Emerick Aubameyang, 29, and Alexandre Lacazette, 26.
Vazquez joined Real as a youth player in 2007 and has since worked his way through the ‘C’ and ‘B’ teams through to the first team. He is close to 250 appearances for the club at various levels, with 33 goals to his name.
Last season was his most productive in front of goal in senior football, doubling his previous best of four goals.
Arsenal face a fight to tempt Real into selling the 26-year-old. New Merengues coach Julen Lopetegui selected Vazquez for the Spain squad for this summer’s World Cup finals and his replacement Fernando Hierro has used the winger in the three group matches.
His current deal ends in 2021 and the report claims Arsenal are willing to treble his salary if a fee can be agreed with Real.