Arsenal boss Arsene Wenger has been keen on Real Madrid star Benzema dating back to his days in France with Lyon.
And Spanish outlet Diario Gol claim the former Lyon hitman could yet move to the Emirates.
Arsenal are said to be preparing a late bid to prise Benzema away from Madrid.
It is said that a move is particularly likely if the club lose Alexis Sanchez to Manchester City or Paris Saint-Germain.
The Chile international’s future remains uncertain with both City and PSG determined to get a deal over the line.
Arsenal are set to make a late bid for Real Madrid star Karim Benzema
Benzema is facing a huge season in Madrid with the club likely to overhaul their attack at the end of the current campaign.
The former France forward is likely to be the fall guy should the club manage to sign a blockbuster name such as Kylian Mbappe or Eden Hazard.
Cristiano Ronaldo - despite supposedly wanting to leave - remains crucial with the Portugal international scoring 42 goals from 46 games last season.
GETTY
Arsenal are set to make a late bid for Real Madrid star Karim Benzema
GETTY
Arsenal could sign Karim Benzema as a replacement for Alexis Sanchez
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The same can be said for Gareth Bale, who has put talk of a move to Manchester United aside to help Real get their La Liga campaign off to a flier.
The Wales international scored in a 3-0 win over Deportivo La Coruna at the weekend but, like Benzema, must shine this year to prove his worth.
Even if Real do not make a blockbuster signing then Benzema may find himself out of the side, with Ronaldo capable of playing through the middle and Real having Marco Asensio and Lucas Vazquez in reserve.
