Arsenal striker Alexandre Lacazette is an option for Atletico Madrid if they are unable to get a deal for Paris Saint-Germain's Edinson Cavani over the line.
Atletico chief executive Miguel Angel Gil Marin met with PSG president Nasser Al Khelaifi in Paris on Tuesday to discuss the proposed Cavani transfer.
Any deal between Arsenal and Atletico involving Lacazette moving to Spain could also mean France forward Thomas Lemar coming to the Emirates.
Lemar has struggled for form since leaving Monaco for Madrid at the start of last season, a move which came about after he was heavily linked with Arsenal and Premier League leaders Liverpool.
The 24-year-old scored only three goals in his first La Liga campaign and he is without a goal so far this season.
Spanish football expert Alvaro Montero told Sky Sports News: "Lacazette is a second option for Atletico Madrid.
"If they can loan or maybe there is a transfer for Lacazette, it's always if Thomas Lemar goes to Arsenal and that will be the agreement.
"As we said on Monday with Quique Setien being the first option [to become Barcelona head coach], the first option for Atletico Madrid is Edinson Cavani, the Uruguay striker.
"They are meeting in Paris to ask, maybe not for the transfer, but for a loan and that is Diego Simeone's first option."
How to follow the January transfer window with Sky Sports
Sky Sports will bring you the very latest news from the January transfer market with the return of three shows.
Start your day with Good Morning Transfers at 9am as our team of reporters bring you the latest news and insight. Transfer Talk then follows at midday delivering analysis of the biggest stories. Then join us at 7pm for the definitive round-up of the day's news with The Transfer Show.
Meanwhile, the Transfer Talk podcast will also be back at the turn of the year with more expert analysis from here and across the continent.
And as well as tuning into Sky Sports News, don't miss a thing with our dedicated Transfer Centre blog.