Arsenal reportedly recently approached Real Madrid to discuss a possible deal for Gareth Bale.
The Wales international is widely expected to leave the Bernabeu on a free transfer at the end of the season despite being a regular for Carlo Ancelotti's side in the early stages of the campaign.
According to Defensa Central, Arsenal offered Real Madrid the chance to sign Alexandre Lacazette in exchange for Bale, but the Spanish giants signalled that they were not interested.
Like Bale, Lacazette is also out of contract next summer, and it appears unlikely that the Frenchman will be signing another deal at the Emirates Stadium.
Bale previously represented Arsenal's bitter rivals Tottenham Hotspur between 2007 and 2013 before returning to the North London club on loan for the 2020-21 campaign.
The 32-year-old is currently on the sidelines with a knee injury, but he featured in Real Madrid's first three league matches of the season and found the back of the net in the draw with Levante on August 22.
