Arsenal are ready to turn their attention to Emiliano Buendia after admitting defeat in their pursuit of Martin Odegaard, according to reports.
The Norway international spent the second half of last season on loan with the Gunners from Real Madrid.
Mikel Arteta had hoped to bring him back to the club on a permanent basis this summer.
But Arsenal have been frustrated in their attempts to strike a deal with Madrid, who value him at around £51.6m.
Zinedine Zidane’s departure from the Santiago Bernabeu has only complicated matters further.
Odegaard was out of favour under the Frenchman but could be given a chance to impress under Carlo Ancelotti, who was appointed as Madrid’s next boss earlier this week.
The Italian, who is back for a second spell at the club, has already suggested he will give opportunities to previously out-of-favour players like Isco and Gareth Bale.
Arsenal have now begun to give up hope of signing Odegaard, according to The Times, which reports that Buendia is now their principal target in the search for a new attacking midfielder.
The Argentine was the star man last term as Norwich won promotion back to the Premier League.
Arsenal were linked with him in January and are now ready to renew their interest in the 24-year-old.
Sky Sports states that the Gunners have already seen a £30m offer rejected by the Canaries.
Arsenal are expected to up their bid to £35m, but Norwich are holding out for closer to £40m.
Aston Villa are also interested in Buendia, although it is not clear whether that hinges upon Jack Grealish’s future.
And a “big European club” is also said to be keeping tabs on the Argentine, who has yet to win a senior cap for his country.
He is, however, part of Argentina’s squad for this summer’s Copa America.
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