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Arsenal are known admirer of James Rodriguez since last transfer window
The 25-year-old star.has fallen down the pecking order at Real Madrid following the arrival of Zinedine Zidane as manager this winter.
The Colombia international, who signed for £60million after the 2014 World Cup, has made just 15 appearances so far this season.
The Gunners want a new No 10 to replace Santi Cazorla who is out of season.