Although tying up a deal for Schalke’s Julian Draxler is seen as the Gunners’ priority ahead of the transfer deadline, the Frenchman is also desperate to bolster his attacking line.
Securing backup for Olivier Giroud was seen as a necessity at the start of January, but despite rumours linking the club with a number of strikers, no deals have been made.
Doubts remain regarding the ability of Nicklas Bendtner, while Theo Walcott is set to miss the remainder of the season, leaving Wenger with little in the way of options in the final third.
Morata has been a target for some time, but Arsenal’s interest was said to have cooled.
However, Wenger is keen to push through a deadline day loan deal.
The Spanish starlet is believed to be available, with playing time at the Bernabeu limited by the presence of Karim Benzema and the emergence of Jese Rodriguez.
Morata himself could be open to a move, with regular action ahead of the World Cup potentially enough to force him into La Roja’s squad.