Marco Asensio will hold emergency talks with Real Madrid after interest from Arsenal has emerged in the player's signature.
The Spain international enjoyed a breakout campaign last season, scoring three goals and adding two assists in 23 La Liga appearances, also netting in the Champions League final as Los Blancos triumphed over Juventus.
According to Diario Gol, top clubs throughout Europe want to sign the 21-year-old after his dazzling displays during the 2017-18 season, with sides like Arsenal, Juventus, Manchester City and Bayern Munich reportedly monitoring the situation.
While Asensio is not thought to be eager to leave Madrid, he does want a pay rise after teammate Isco saw his contract renewed due to the former Malaga man's outstanding second half of last season, ending the campaign with 10 goals and eight assists in 30 La Liga matches.
Asensio's new contract could see the former Mallorca attacking midfielder skip players like Dani Carvajal, Casemiro and Mateo Kovacic and start earning figures similar to Isco, Toni Kroos and Luka Modric.
His salary would rise to around £5.5m a year, while the current release clause of £72m would probably be raised due to Asensio's obvious potential.
Arsenal had reportedly been interested in triggering the release clause after a relatively quiet transfer window, bringing in striker Alexandre Lacazette from Lyon and Sead Kolasinac on a free from Schalke.
Liverpool are also thought to be watching Asensio, having so far secured the signings of Mohamed Salah, Dominic Solanke and Andrew Robertson, while Madrid's arch rivals Barcelona are also interested.