Los Blancos are prepared to cash in on the Argentine footballer as they are set to complete the purchase of Gareth Bale, with the Gunners ready to pounce.
Marca understands that Arsenal are preparing an official bid for Di Maria, believed to be worth more than €30 million.
Arsene Wenger is desperate to add several marque signings before the transfer window closes, with his long-term target likely to be the first one through the door.
Di Maria has already lost his place in the side at Santiago Bernabeu and with Bale yet to arrive, he is desperate to leave los Blancos in search of first team football.
With the 2014 World Cup in Brazil scheduled for next summer, the 25-year-old will want to keep his place in the Argentina national team.