Arsenal are reportedly ready to offer forward Joel Campbell in a bid to sign Spain international Nolito.
The Premier League side, who trail surprise league leaders Leicester City by two points at the top of the table, are plotting a January move for the Celta Vigo ace.
The 29-year-old, who has four international caps for the defending European champions, has scored an impressive eight goals and assisted a further five strikes in 15 La Liga appearances so far this season.
With UEFA Champions League winners FC Barcelona also reportedly ready to sign Noltio in the New Year, Gunners boss Arsene Wenger is understood to be willing to offer Costa Rica international Campbell, plus a large sum of money, to capture his man next month.
It is understood that Celta Vigo rate their prized asset at around £15m.