Jose Antonio Reyes is set to end his spell with Arsenal by joining Real Madrid.
It is being claimed that The Gunners have struck a deal with the Spanish giants that sees them secure Julio Baptista and é¼3 million (£2 million).
Reyes, formerly of Sevilla, has made no secret of his desire to return to La Liga and is now appears his wish is set to be fulfilled.
The 22-year-old made a bright start to his early career with a number of spectacular goals, although he failed to really settle in London.
Baptista, who joined Real for £13.8 million last summer from Sevilla, has failed to make his mark at El Santiago Bernabeu.
Now with Fabio Capello in charge of the Galacticos, the Italian tactician is keen to free up a non-EU place in his squad by allowing Baptista to leave.
Arsenal boss Arsene Wenger has been chasing Baptista for over a year after originally trying to bring him to The Premiership prior to his Real switch.
Spurs were keen on the Brazilian, however, they were rejected by The Beast who is now set for Arsenal with Reyes poised to move in the opposite direction.