The Spanish right-back starred for the Reds between 2007 – 2009, before leaving Anfield to join the reigning European champions.
But after spending much time in their first XI and helping Los Blancos to numerous successes, Arbeloa’s future at the club appears bleak, with Porto’s Danilo being eyed as an addition.
This has alerted Arsenal and Liverpool, but Chelsea are thought to be in the lead.
Jose Mourinho coached the 32-year-old while at Real and is understood to have a good relationship with him.
Arbeloa possesses a wealth of experience both in terms of club and international football – he has secured over 50 La Roja caps.
The dependable defender has also won the Champions League, FIFA Club World Cup and La Liga, as well as the World Cup and European Championship (twice).