Arsenal could be ready to sell one left-back and buy another one this summer, with Arsene Wenger apparently making an official bid for Napoli defender Faouzi Ghoulam.
Ghoulam has been on the radar of English Premier League clubs this summer, with Chelsea initially thought to be the frontrunners for the left-back's signature.
However, it seems like Arsenal might have stolen a march on their rivals, by putting in a €10million (£7m) bid for the Algeria international, according to Sport Mediaset.
It is possible that Wenger has firmed up his bid for Ghoulam, after reports from Spain recently suggested Athletic Bilbao want Monreal.
The Spain international had a terrific season for Arsenal last time, doing reasonably well as a central defender, before usurping Kieran Gibbs as the first-choice left-back.
However, at 29, Monreal is not getting any younger, and Wenger might consider letting the left-back go, if a suitable bid arrives from Athletic Bilbao.
If that is the case, Arsenal will need a new fullback, especially considering how injury-prone Gibbs is.
Ghoulam fits that bill as the France-born player is just 24 and will come at a relatively cheap price.
Napoli reportedly want €12m (£8.4m) for Ghoulam, with Arsenal wanting to do business for €10m.
Since there is only a €2m difference between the two parties, settling on a final fee should not be a problem, with the only question remaining if Monreal is indeed on his way out of Arsenal.
When asked the question at the end of the season, Monreal was pretty clear about wanting to remain in North London, having just enjoyed his best season in an Arsenal shirt since his move from Malaga in January 2013.
"I have one more year on my contract and I would like to stay," Monreal said early last month. "I am very lucky to play for Arsenal, and am very happy to play for Arsenal. If the boss wants me to stay, I will -- and I'd like to extend my contract."
There has been no confirmation of a new contract for Monreal yet, even if reports have suggested he could be on the verge of signing a new one. However, if a new deal cannot be agreed upon, and with just a year remaining on his current contract, Arsenal might be well served to sell the left-back rather than risk letting him leave on a free.
Wenger has shown he can be ruthless if necessary – the Petr Cech signing shows that – and if the manager feels Arsenal will be stronger next season by signing Ghoulam and selling Monreal, it is definitely something that is well within the realms of possibility.