Arsenal are in a four-way fight to sign Real Valladolid right-back Ivan Fresneda this summer.
Borussia Dortmund, Juventus and Newcastle are also chasing the 18-year-old, who has excelled in Spain this season.
Fresneda was the subject of intense interest in January but eventually decided to stay at Valladolid.
The right-back will sit down with his representatives at the end of the season and assess his options ahead of a possible move.
Arsenal have been scouting Fresneda and will continue to monitor him for the rest of the season.
Clubs from across Europe have been impressed by his development but Arsenal, Dortmund, Juventus and Newcastle are currently the four frontrunners.
Fresneda has a release clause of £26.5million in his contract and Valladolid will hope to spark a bidding war which means they can get close to that amount.
Arsenal shifted away from their recruitment model in January by bringing in 28-year-old Leandro Trossard and 31-year-old Jorginho.
But the club are continuing to scout young talent worldwide.
Mikel Arteta has Ben White and Takehiro Tomiyasu as his right-back options but Fresneda is regarded as one of the most promising players in Europe.
The teenager could have pushed for a move during the January transfer window but staying at Valladolid has ensured he continues to get regular game time.
