Aaron Ramsey will be out of contract with Arsenal at the end of the season, and thus will be able to leave on a free transfer to one of his suitors.
According to the 'Mirror', Real Madrid have now joined the list of clubs interested in the Welshman, alongside Bayern Munich, Juventus and Liverpool.
The 27-year-old will be able to sign a pre-contract agreement with another team from the start of January, and Santiago Solari's side are set to offer high wages in an effort to tempt the player to the Bernabeu, where he could link up with Wales teammate Gareth Bale.
Ramsey joined Arsenal in 2008 from Cardiff and has since made 347 appearances across all competitions for the 'Gunners', scoring 60 goals.