Francisco Román Alarcón Suárez, or 'Isco' for short, joined Real Madrid from Malaga in 2013 for £26.4m. At that time, many top clubs were courting the young man, Arsenal being one of the most interested parties. Now, according to reports in Spain, Carlo Ancelotti's willingness to listen to offers has alerted the Gunners again.
Arsenal signed both Santi Cazorla and Nacho Monreal from Isco's old club Malaga. They took advantage of the club's state of financial chaos and Wenger, in true Wenger style, got two of this season's best performers for next to nothing (in relative terms).
Now that Isco is at Real Madrid, however, he won't be cheap. But Arsenal aren't afraid of splashing the cash anymore and, in fact, the Spanish giants are their favoured shopping venues. Mesut Özil and Alexis Sanchez have arrived from Real and Barca respectively in the past two summer windows. Could Isco be next?
Well, the 23-year-old Spaniard who's scored 5 goals and assisted 13 is a classic Wenger buy. Tricky, fast and intelligent, Isco is like a younger, more direct and slightly taller Santi Cazorla. Even though some will say he won't fit in to Arsenal jam-packed midfield, if anyone can make it work, Wenger can.
The only stumbling block is interest from other big sides, such as Manchester City. City were rumoured to all but have had a deal done in 2013 before Isco chose Real instead. However, City are suffering from a severe case of failure-to-cope-with-financial-fair-play and struggling-to-fill-the-home-grown-quota, so they might opt to either go cheaper or go for someone closer to home (*cough*Sterling*cough*).