The 29-year-old's current contract with Real Madrid is set to expire at the end of the season, making him a free agent in the summer.
According to Caught Offside, Arsenal have made contact with Lucas Vazquez's representatives but will face heavy competition from Bayern Munich, PSG and a host of Premier League clubs.
Lucas Vazquez rose through the youth ranks at Real Madrid before finally making his debut for the club in 2015. During his six years with the senior squad, he has helped Los Blancos win two La Liga titles and three Champions League trophies.
The Spaniard has been a key player for Real Madrid over the years and has established himself as a firm fan favorite. However, he has lately fallen down the pecking order behind the likes of Vinicius Jr, Rodrygo, Eden Hazard and Marco Asensio.
Real Madrid are reportedly eager to keep hold of the player but are unwilling to offer him a contract with an increased salary due to their current financial situation.
Arsenal could take advantage of Lucas Vazquez's contract situation at Real Madrid. The Gunners are in the market for a new winger this summer and would be thrilled to sign a player with the experience and versatility of the Real Madrid star.
However, the London giants are likely to face heavy competition from Manchester United, who have also reportedly made contact with Vazquez's agents over a potential summer move.
A move to Arsenal could prove to be enticing for Real Madrid's Lucas Vazquez
A move to Arsenal, where he is likely to see regular playing time, could prove to be enticing for Lucas Vazquez.
The Spaniard is unlikely to accept a bit-part role at any club he chooses to join this summer.
However, Arsenal are unlikely to qualify for Europe next season unless they can win the UEFA Europa League this season. Failure to do so could ruin their chances of signing Lucas Vazquez.