Mykhaylo Mudryk was of interest to Arsenal in the summer transfer window, with the Gunners eyeing reinforcements out wide following the loan of Nicola Pepe to Nice.
Arsenal currently have just Gabriel Martinelli and Bukayo Saka as natural wide options, though Emile Smith Rowe and Gabriel Jesus can also operate on the flank if needed.
And whilst Arsenal could not land Mudryk in the summer, their hopes of bringing him to the Emirates in January have been dealt a blow.
According to Fichajes, Real Madrid keeping tabs on Mudryk and has already caught the attention of some of their scouts.
A €30m bid for the winger came in during the summer but was rejected, as Shakhtar are confident they will be able to secure a larger transfer fee for the young talent, and a bidding war could commence if more clubs enter the race.
Mudryk is a product of Shakhtar’s youth system and became a regular feature for their senior side last campaign.
The 21-year-old has featured 30 times for the Ukrainian outfit, scoring three and assisting 12 in the process. He was also handed his Ukraine debut in June of 2022 and has so far notched five appearances for his country.
Mudryk is a natural left-winger, with little experience on the right, though, suggesting he will not provide cover for Saka.