Newcastle manager Rafa Benitez says he has spoken with Arsenal boss Arsene Wenger over the possibility of signing Lucas Perez, but faces competition from the striker's former club Deportivo La Coruna.
Perez has made just two Premier League starts after joining Arsenal last summer in a £17 million transfer from Deportivo, and has said that a move away from the Emirates Stadium is imperative for him to enhance his chances of competing for Spain at the 2018 World Cup.
Benitez said earlier this week he has monitored the 28-year-old, and has since revealed that he has enquired about bringing him to St James' Park.
He said at the Premier League's launch day: "I was talking with Arsene yesterday because we had the manager's meeting and I said, 'Listen, we have to talk.' He said, 'Listen, you have some money?' I like the player but it's too soon to talk about that."
Benitez spoke earlier on Wednesday of his frustration in the transfer market this summer and said he is "not happy" with Newcastle's transfer dealings so far.
Deportivo, meanwhile, also retain hope of bringing Perez back to the Spanish club this summer.
"Nothing is impossible but we have a limit," Deportivo president Tino Fernandez told "Galicia en Goles" radio show when asked about Perez. "I never mention figures but we have done all that Deportivo can, even making a big effort because of the importance that I believe Lucas can have in this team next season.
"This is a very difficult negotiation but if I didn't think there was a chance I would say so. If we are still in the race [to acquire him] it's because we believe there is a possibility. We will continue to fight because the truth is that he [Perez] is looking forward to joining us."
Perez was one of the key players in La Liga in the 2015-16 campaign, scoring 17 goals and setting up eight more in 35 starts for Deportivo, but he has not played for Spain yet.
It will be difficult for Deportivo to compete with other clubs to land Perez this summer and Fernandez says his side are also looking at alternatives.
"We can't wait much more," he said. "We are also looking at other options as we have to take decisions because we are in the month of August and that is an important position."
Deportivo are looking to improve on last season's 16th-place finish in La Liga.
Coach Pepe Mel says Perez would have a key role in his side.
He told AS: "If he [Perez] comes, he will have to captain the team with goals, assists and win games."
In addition to luring Perez back to the Riazor, Fernandez said his club are already in line to acquire Adrian Lopez on a season-long loan from Porto.
"We have an agreement with Adrian and with the club," Fernandez said. "There is an agreement for a season on loan. All that is missing is something between them [Porto and Lopez]."