The Gunners have been linked with the French international for some time, with Arsene Wenger thought to be a big fan of his abilities.
Although he has long been valued as a key member of Real’s squad, the La Liga giants are ready to offload him at a reduced rate to help fund a move for Liverpool’s Luis Suarez.
The Uruguayan was linked with a move to the Bernabeu over the summer, but the Reds held firm to keep him on Merseyside.
Despite returning to the first-team after apologising for his antics, the nimble striker is still rumoured to be looking to leave.
Real are ready to offer him his destination of choice, but they need to sell in order to be able to meet Liverpool’s valuation.
Benzema is seen as the perfect candidate for an exit, with Arsenal watching his situation.
The Madrid side are ready to take £20m for the ex-Lyon man, a figure that Wenger may be willing to meet to address his centre-forward problems.
Benzema would be the second player to make the move from the Spanish capital to North London this year, following Mesut Ozil.
Could Karim Benzema keep Arsenal in the title fight?
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