Arsenal have opened talks with Barcelona over a double swoop for Spain duo David Villa and Victor Valdes, according to Spanish newspaper El Economista.
The Gunners were heavily linked with striker Villa, 31, back in January, but the La Liga side refused to sanction the forward's departure.
Valdes, who has spent his entire career at the Nou Camp, recently revealed that he would not be extending his contract at the club beyond the summer of 2014.
Arsene Wenger is thought to be on the lookout for an experienced goalkeeper following Wojciech Szczesny's error-strewn displays in recent months and feels Valdes fits the bill.
Meanwhile, the Frenchman will reignite his interest in Villa as he looks to strengthen his attacking options.
According to the report, Arsenal are willing to spend over £22m to land the Nou Camp pair.