Schalke are prepared to offer Arsenal the chance to swap Andrey Arshavin for Jefferson Farfan.
Peruvian striker Farfan's contract ends at the end of the season, and the German side do not want to lose him on a free transfer, according to talkSPORT.
Meanwhile, Arshavin has fallen out of favour at the Emirates Stadium following their poor start to the season.
A deal between the two sides could take place in January.