The Real Madrid wonderkid will be allowed to leave this month, according to reports, in order for first-team football.
He could be brought in on loan, and would give Arsenal time to plan for the summer, when they could make another move for Houssem Aouar. However, reports suggest a move to Real Sociedad is more likely for the young Norwegian.
Reports suggest another Madrid star, Isco, could be on the move before long. The Spaniard has been out of favour under Zinedine Zidane this season, having started just three games.
Like Eriksen, Isco brings experience of playing at the top level having won the Champions League on four occasions.