Manager Arsene Wenger and his assistant Pat Rice have watched Herrera twice this year at Real's La Romareda and according to reports in Spain, they have made a €10 million offer for the player.
The 20-year-old's buy-out clause is valued at £20 million. However club insiders concede that is highly unlikely to be recuperated with Agapito Iglesias, the Zaragoza president, under pressure to sell players after the extraordinary revelation that the club are saddled by an £80 million debt.
Gunning for glory: Spanish media claim Real Zaragoza's midfielder Ander Herrera (right) is subject of bid from Arsenal
The Basque-born Herrera made his Primera Liga debut last August and has been a regular for Real making 22 appearances and scoring once this term as the side battle against relegation.
He has represented Spain at youth level and is renowned for his vision and creativity.
Spanish media claims the player's representatives have already held discussions in London with Gunners' Executive Director Ivan Gazidis in the hope of thrashing out a deal before the World Cup this summer.
AS speculates that should Arsenal conclude a deal for Herrera, it will signal the exit of captain Fabregas to either Barcelona or Real Madrid with Herrera his ready-made replacement.
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