Concise News gathered that the Gunners faces strict competition from Inter Milan, Bayern Munich and Paris Saint-Germain for his signature.
According to Spanish publication AS report, Real are reportedly happy to accept the bid for the 28-year-old and discussions over personal terms are now underway between the Gunners and the Spain international.
With Inter, Bayern and PSG all interested in Vazquez, he is in a good position to negotiate a handsome salary for himself, but AS suggest Arsenal are in a surprisingly good position to beat their rivals to sign him.
Vazquez, who has nine caps for his country, is desperate to make it into the Euro 2020 Spain squad and knows he needs as much game time as possible to do that.
The arrivals of Luka Jovic and Rodrygo at Real, along with the increasing influence of Vinicius mean that playing time is extremely limited in the Spanish capital.
The Gunners may well be able to convince him that the Emirates is the destination for him most likely to provide regular starts at the highest level.
Zinedine Zidane’s side head to America for a pre-season tour next week (Tuesday 9 July) and want to do as much of their transfer business before then as possible.
Vazquez is almost certain to leave the club by that date, so negotiations between him and Arsenal will be relatively swift.
Whether they are successful or not is yet to be seen. Unai Emery has made the Spaniard one of his primary targets and will be pushing as hard as possible to tempt Vazquez to north London.