Arsenal are looking to sell Lucas Torreira to Atletico Madrid on a permanent basis and hope they can use the Spanish side's interest in the midfielder as an advantage in their pursuit of Thomas Partey.
Torreira is one of the players who Arsenal are open to cashing in, with a number of Italian sides expressing their interest before Atletico took the lead in the race for his signature.
Arsenal are now locked in negotiations with Atletico over the terms of the deal, with Mikel Arteta's side looking to receive a guaranteed transfer fee for a player who is considered to be worth around £20m, at least. Atletico are understood to be pushing for a loan deal, however.
The negotiations are inevitably tied into Arsenal's long-term pursuit of Partey, who has a £46m release clause. Spanish sources have said Atletico will only allow Partey to leave if the release clause is met, but their interest in Torreira has made the situation more flexible.
An obligation for Atletico to buy Torreira at the end of a loan would represent something of a compromise between the two clubs and Arsenal are understood to have hope that they could even strike a similar deal for Partey in return.
Partey has long been seen as an ideal midfield acquisition for Arsenal. Partey (27) has made more than 40 appearances in each of his last three seasons at Atletico and is seen as the sort of physical presence who would thrive in the Premier League.
The likely departure of Torreira comes after the Uruguayan was left out of the first four matchday squads of the season.
Earlier this summer he had indicated to those close to him that he was keen on returning to Italy, with Torino and Fiorentina both expressing interest, but Atletico's approach has since altered those plans. Arsenal are also hoping to sell Sead Kolasinac, who has interest from Germany, and central defender Sokratis.
Meanwhile, Pierre-Emerick Aubameyang said he contemplated leaving Arsenal but opted to extend his contract after manager Arteta revitalised the club and told him that he could leave behind a legacy at the Emirates Stadium.
Aubameyang, Arsenal's top scorer over the last two seasons, signed a new three-year deal last week, ending speculation over a potential exit as he entered the final year of his previous contract at the north London club.