Arsene Wenger is a big fan of Benzema and the Gunners have been linked with a move for the striker this summer.
According to the Daily Star, Rafa Benitez, who is expected to be named the new Real Madrid manager soon, has identified Koscielny as one of the players he wants to sign during this transfer window.
And, if Arsenal receive an offer they cannot refuse for Koscielny from Real Madrid, they might consider using it to try and sign Benzema as well in the process – with some cash and Koscielny moving one way and Benzema the other.
While a move for Benzema to Arsenal can never entirely be ruled out – Wenger will have to sell Olivier Giroud first, as he has time and again said he won't have two competing French strikers in the same team – what is extremely unlikely is the manager giving his go-ahead to the sale of Koscielny.
The former Tours and Lorient man is Arsenal's best centre-back and vital to the back-four. Even with the January signing of Gabriel from Villarreal, Wenger relies a little too heavily on Koscielny to allow him to leave the Emirates this summer.
However, Real Madrid are the kind of team that always get what they want, and if, as the report claims, Benitez has made it clear he wants Koscielny, then a big bid could come Arsenal's way.
Much will depend on how Koscielny feels if the interest is made known, because Arsenal do not have the need to accept any bids for their players anymore. If the defender finds it too tempting to say no to Real Madrid, however, the Gunners might be forced to a sale.
If they do want to make it a player-plus-cash deal involving Benzema, who is also wanted by Manchester United, a lot will also depend on how Benitez views the French striker and if Florentino Perez is willing to sell one of his favourite players.
All conjecture and extremely unlikely at the moment, especially Koscielny leaving Arsenal.