Unai Emery is desperate to strengthen his backline next month after Rob Holding was ruled out for the rest of the season after injuring himself last week in the draw at Manchester United.
Laurent Koscielny is still yet to appear for the first-team since rupturing his Achilles in May and fellow centre-half Konstantinos Mavropanos is also sidelined.
And that has led to Cadena Ser claiming the Gunners boss is eyeing a £10m swoop for the 23-year-old once the transfer window re-opens.
Calero has impressed for Valladolid this campaign in a defence that has conceded just 15 times in as many matches.
But Arsenal and Emery will face a fight for the ace after his performances also caught the eye of their European rivals.
Both La Liga outfit Sevilla and Bundesliga leaders Borussia Dortmund are also keen.
And they could be ready to pounce with the quoted £10m figure allegedly inserted into Calero’s contract as a release fee.
HIRED GUN Ospina 90 minutes from Euro glory.. and could’ve been Arsenal’s No3
Arsenal, who have been lining-up with a back three under Emery, are currently on a 21-match unbeaten run.
But Holding’s injury has forced right-back Stephan Lichsteiner to be used out of position.
Left-back Nacho Monreal is set to be asked to deputise against Southampton this weekend with both Sokratis and Shkodran Mustafi suspended for the trip to St Mary’s.
If Arsenal beat neighbours Tottenham in the Carabao Cup quarter-finals next week then Emery’s men will be battling on four fronts in 2019.
And that will heighten the pressure on transfer chief Sven Mislintat to provide reinforcements over before the end of next month.
PICK OF THE BUNCH – But who made it into Uefas all-time XI
UEFA have released their all-time XI — packed full of Barcelona and Real Madrid stars.
There are three Premier League icons in the list though with one Arsenal, one Liverpool and one Manchester United legend involved.
Between them, this lot have 33 Champions League winner's medals and plenty of other titles to boot.
But who were the eleven men who made it?
CLICK HERE TO FIND OUT.
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