Real Madrid president Ramon Calderon has promised that the club will announce several new signings next week, one of which could be Cesc Fabregas.
Reports in Spain suggest that Arsenal could strike a deal if Robinho and Julio Baptista moved in the opposite direction.
Arsenal have, though, reiterated their desire to keep hold of the diminutive midfielder and it seems likely that the Spanish international will still be plying his trade in North London next season.
"It is still a possibility," Calderon said about striking a deal for Fabregas.
"The sporting directors will have to decide, but he was always one of the favourites."
Madrid have been linked with numerous players across Europe since the presidential elections at the beginning of July and a new face could arrive soon.
"We are working on the signings," Calderon continued.
"The people in charge of the plans are making it happen. We are working with many clubs and in eight or ten days it will all be sorted out.
"The first signing is only a question of days away. Between now and the start of next week the deals will be closed.
"Next week we shall be able to announce four or five more new players. The agreements are practically done."
A deal to sign Ruud Van Nistelrooy is still in the offing, despite Alex Ferguson's denial that there is any agreement, and Calderon understands the English giants' position.
"He wants to play for Real Madrid, although Manchester United want the maximum fee they can, which is logical."