El Nacional claim that Arsenal and Liverpool are two of five European clubs on red alert, as Real Madrid could reportedly sell Marco Asensio in January.
Asensio, 25, has clocked up an enormous 204 appearances for Madrid since joining the club in 2015 – that is, even with a loan spell at Espanyol.
Producing 63 goal involvements in those matches, Asensio is regarded as one of Europe’s best playmakers – with a goal or assist every three games.
But Madrid could decide to sell Asensio, who is struggling to find his best form or regular game time under Carlo Ancelotti.
This season, he has started just three of his nine league games. One of those starts saw Asensio score a hat-trick against boyhood side Mallorca.
The report claims Arsenal and Liverpool are monitoring developments – as are Dortmund, Juventus and Milan. Dortmund are on pole.

Arsenal and Liverpool like Asensio: Which is his best move?
Liverpool need a midfielder, especially with Naby Keita out injured – joining Harvey Elliott on the sidelines. Keits is set to play in AFCON from January.
This comes, after Gini Wijnaldum was allowed to join PSG on a free. Liverpool desperately need an attacking midfielder.
Asensio can give Liverpool that, but also cover from out wide – with Mo Salah and Sadio Mane jetting off during the winter period.
Arsenal is a good move, but Liverpool are in the Champions League and need a midfielder more than the Gunners. El Nacional say £34m is enough.

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