Juventus are reportedly offering Aaron Ramsey to Arsenal in exchange for right-back Hector Bellerin.
According to Spanish newspaper Sport, the proposal would bring Ramsey back to the north London club after two largely disappointing seasons in Turin.
The 30-year-old had spent 11 years with the Gunners before leaving as a free agent in 2019.
Bellerin has been linked with a move to Paris Saint-Germain, Atletico Madrid and Villarreal.
The 26-year-old is under contract until June 2023 and came up through the Arsenal academy.