Both the Gunners and Juventus are said to be in contention to sign the Argentine, who despite making clear his desire to leave, Madrid have determined will not be sold until their new coach is appointed.
The Bianconeri are thought to have already tabled an offer of around €22m (£18.6m) and, whilst that has yet to be accepted, their proposal to pay in instalments apparently has been.
However, the Italians face competitive action from Arsenal, who it is understood from reports in both England and Spain, are offering improved terms.
As well as willing to pay as much as €30m (£25.5m) for the 25-year-old striker, the English are reportedly ready to pay that amount in a single transaction this summer.
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