Sky Sports sources understand Chelsea's Yossi Benayoun is in talks with Arsenal over a potential season-long loan move to Emirates Stadium.
The Israeli is expected to leave the Blues before the transfer deadline and has also been linked with former club Liverpool.
Benayoun, who only joined Chelsea last summer, was a target of French champions Lille, but he turned down a move to France.
Arsene Wenger's rebuilding Arsenal, though, appear to appeal to the playmaker and he is holding discussions with Chelsea's London rivals.
Benayoun's time with Chelsea has been disrupted by serious injury and the arrival of Juan Mata this summer has limited his chances.
Benayoun tweeted on Wednesday night: "Staying in London...will sign soon...I will twitt (sic) when it happens."
The performances of Andrey Arshavin and Tomas Rosicky in a disappointing start to the season have raised concerns at Emirates Stadium and could explain the interest in Benayoun.
Wenger has already signed Brazil defender Andre Santos on transfer deadline day, while a deal has been agreed with Werder Bremen for Per Mertesacker and is awaiting registration.