Despite long-standing interest from Arsenal, the latest reports suggest that Karim Benzema is set to put pen to paper on a contract extension at Real Madrid. With France's elimination from the World Cup, the 26-year-old is now free to apply the finishing touches to the deal.

Having racked up 17 goals in La Liga last season, Arsene Wenger was believed to be preparing a move for Benzema this summer. With just a year left on his current contract, the striker was seen as the ideal candidate to partner or even replace Olivier Giroud at the Emirates next season.

Although the allure of Real Madrid is undeniable, we here at Football FanCast believe Benzema is making a big mistake if he signs that contract extension. Obviously we don't know the financial specifics of any such deal but from a footballing perspective, the hitman would be wrong to ignore the Gunners.

Bearing this in mind, here's FIVE reasons Benzema must sign for Arsenal this summer.

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Click on Karim Benzema to start the countdown

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THE £166MILLION MEN

With Gareth Bale and Cristiano Ronaldo at the club, Benzema is never going to be the "main man" in Madrid. The Ballon d'Or winner racked up an incredible 31 La Liga strikes while the Welshman helped himself to 15 in his debut season.

No matter what the Frenchman does at the Bernabeu, he will always overshadowed by the £166million men. One of European football's finest strikers, Benzema deserves to be at a club where he will undoubtedly be considered the "main man". Somewhere like Arsenal.

FALCAO'S COMING...

First it was Luis Suarez, now Radamel Falcao is the latest name being strongly linked with a move to the Bernabeu this summer. Real Madrid seemingly aren't content with the fantastic array of attacking talent already at their disposal.

A striker with Benzema's goalscoring record shouldn't be content with a bit-part role at the club, even if they are the Champions League holders. If Falcao does indeed make the move this summer, the Frenchman should look for a transfer to guarantee himself first team football.

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Although Olivier Giroud performed respectably last season, there is the sense that the Gunners lack a genuine top quality forward. If he made the move, Benzema would surely be guaranteed the starting berth at the Emirates Stadium next season.

NEW CHALLENGE

Having burst to prominence at an early age at Lyon, Benzema made the move to Madrid way back in 2009. Still only 26, the Frenchman is about to embark on his sixth campaign in the Spanish capital. In good form and about to enter his peak years as a striker, surely now is the time for Benzema to consider a move.

Having already won the Champions League and La Liga titles in his time in Madrid, the 26-year-old should take the opportunity this summer to pursue a fresh challenge. Although they faded in the Premier League once again, there are signs that this Arsenal side are almost ready to challenge for the greatest prize in English football once again. With Benzema on board, the Gunners would only require a few minor tweaks in personnel to mount a credible title challenge.

REMEMBER ME?

Arsenal fans haven't seen the best of their £42million man just yet. But in Mesut Ozil, the Gunners undoubtedly possess one of the most prolific creators in European football. Having linked up with the German in his time at the Bernabeu, Benzema would surely enjoy working with the playmaker once again.

With a more than able supporting cast consisting of the likes of Santi Cazorla and Aaron Ramsey, the Frenchman would thrive on the chances that are readily created at Arsenal.

FRENCH CONNECTION UK

In a rather unexpected development at this year's World Cup, there were no reports or suggestions of a rift in the France camp. Les Bleus reached the quarter finals, free of the petty squad disagreements which have dogged many of their recent tournaments.

With Olivier Giroud, Laurent Koscielny and Arsene Wenger already at the club, Mathieu Debuchy expected to join and others like Loic Remy and Mathieu Valbuena linked, there could be a sizable French cohort at the Emirates next season. Judging by his performances in Brazil this summer, Arsenal would provide a familiar environment for Benzema to deliver alongside his international colleagues once again.