Arbeloa, 31, lost his place last season following an injury, during which Dani Carvajal asserted himself as Real’s new first choice right-back.
Captain Iker Casillas is also reported to have fallen out with Arbeloa, and fans of the European champions have booed the player, meaning an exit seems very likely.
Chelsea are also potential suitors for the player who spent two years with Liverpool from 2007.
He has 56 caps for Spain and has won one league title, two Copa del Reys and last year’s Champions League in his time with Real.
The Express also report that Atletico Madrid’s 25-year-old defender Toby Alderweireld could move to the Emirates as Arsene Wenger is still keen on strengthening that area following Thomas Vermaelen’s departure
Written by Steve Milne