Arsenal are allegedly willing to sell Alexis Sanchez to Manchester United if the deal involves Anthony Martial moving in the opposite direction.
Gunners boss Arsene Wenger has told the Red Devils that he wants the French striker to join his side as a makeweight in the Sanchez transfer, according to the Daily Star.
United are said to be reluctant to allow Martial to leave Old Trafford, but may return to Arsenal with a counter-offer involving defender Chris Smalling.
Manchester City were believed to be the frontrunners to sign former Barcelona start Sanchez during the current transfer window, but the deal is reported to have stalled over Arsenal's asking price of £30m.
United have since been linked with a rival bid for the player, although Red Devils boss Jose Mourinho was coy when quizzed on his interest in Sanchez.