Khedira is set to return to training with Real Madrid after winning the World Cup with Germany.
And reports in Spain suggest the two London clubs will wait for the midfielder told hold talks with Madrid before they launch an official bid.
Real have also reportedly decided that they are not going to let Khedira leave on a free transfer despite his contract expiring at the end of next season.
This means that Khedira must either sign a new deal with the European champions or leave by the end of the month, with Arsenal and Chelsea heavily monitoring the situation.
The German’s preference is to reportedly sign a new deal with Real but has not been impressed with the new deal put forward to him.
Boss Carlo Ancelotti has refused to comment on the current situation however things are likely to become much more clear tomorrow.
It remains to be seen whether Chelsea or Arsenal are willing to meet the clubs asking price of £30m if an agreement for a new deal cannot be reached.
By Phil Wellbrook
