Arsenal are understood to have made an enquiry about Fernando Morientes, but any hopes Real Madrid had of getting Thierry Henry in exchange have again been quashed.
The Gunners are believed to have asked about the availability of Morientes, who is currently on loan at French league leaders Monaco, last week and are now considering a summer move for the Spanish international.
Morientes has bagged nine goals this season for The Principality outfit, which has shown many that he can produce the goods outside of Spain.
The 27-year-old has a year left on his current contract at El Santiago Bernabeu and he knows he is surplus to requirements with Los Merengues.
Arsenal have also been linked with Real Mallorca's Samuel Eto'o as Wenger looks at possible ways of bolstering his striking options in the summer.
Wenger realises he could lose up to four of his current attackers in the summer, with question marks hanging over the futures of Sylvain Wiltord, Dennis Bergkamp, Kanu and Francis Jeffers.
The Morientes enquiry is believed to have been received very favorably by Real, who see the deal as a possible way in to land Henry.
Wenger would not even entertain taking Morientes in such a deal, but Real may be handed 'first option' on the French star in return for a reduced fee - which would satisfy both parties.
The recent arrival of Sevilla starlet Jose Reyes again led to the Spanish media speculating that Henry would now be on his way to Madrid.
However, Henry has reiterated his stance over any possible move away from North London.
"I am already bored of this," Henry told Marca.
"I have spent six months saying that I will not leave Arsenal. And itís like Iím repeating myself, when, in reality, what happens is that people and the press speak for me. It is not fair.
"Sometimes in football you pay for what people say or for what other players have done. There have been players who have said one thing and then not done it. I am not like that. I am not this type of a person. I have already said it many times and at the beginning of this interview - I am happy here.
"Arsenal gave me the opportunity to re-start my career and I canít forget this now. We are all trying to achieve a successful club and I canít abandon the boat now. Iīll say it again, I donít want to go to Madrid!
"I said that two months ago. People then asked me Ďdo you want to play with Zidane?í And I said yes, but in France. And some people, due to this answer, kept speculating. What more can I do!
"Iīll say it again - I am more than satisfied at Arsenal."