The Gunners could lose Alexis Sanchez and Mesut Ozil in January or the summer, with the pair out of contract at the end of the season.
Arsenal have been linked with numerous replacements for the star duo, with Monaco sensation Thomas Lemar and Lyon’s Nabil Fekir eyed.
However, according to Spanish transfer outlet Don Balon, Arsene Wenger wants Real ace Vazquez to replace Sanchez at the Emirates.
They say Wenger is resigned to losing the Chile international to Manchester City and he feels Vazquez is the perfect replacement.
Don Balon add that the Real attacker is tempted by a move to the Gunners, where he could become the main man at the Emirates.
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Arsenal's likely line-up to face Nottingham Forest away
Arsenal FC
“Arsenal are desperate to sign Real Madrid ace Lucas Vazquez”
Vazquez has struggled to get game time under Zinedine Zidane this time out.
The Spain international, 26, has started just five La Liga games this season and he’s desperate to play more.
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Sanchez is expected to join City this year, with Pep Guardiola a huge admirer of the winger.
City made a £60m bid for the Arsenal star in the summer but the Gunners couldn’t find a replacement in time and the deal collapsed.