Liverpool and Arsenal have been offered a chance to sign Real Madrid Full-Back. Arsenal might make a deadline day move to prise away another defender who is also targeted by Real Madrid.

Real Madrid left-back Fabio Coentrao is spending most of his time warming the bench as Ancelotti has preferred the services of Marcelo ahead of the Portugal international.

According to the Daily Star, Real Madrid are looking to offload Coentrao and have offered Liverpool and Arsenal an opportunity to grab him on the deadline day for cut-price fee. Fabio Coentrao has previously been linked with a move away from Real Madrid to ply his trade in the Premier League.

If rumours are to be believed, Coentrao, has been told he is free to leave the club as Ancelotti deems him surplus to requirements with Marcelo being his go-to man and Nacho and Arbeloa available to cover for the Brazilian. Coentrao although valued at A?25million, Real Madrid are prepared to accept half that amount to get the Portugal international off the books.

However, it is also believed that the Portuguesea s wages are not helping his clause as British clubs are reluctant to make an offer. The deal does not look like it will fall through in this window, but Arsenal and Liverpool might consider the opportunity again in the summer transfer window to sign the 26-year old.

Another left-back being linked with a deadline day move to Arsenal is Valenciaa s Jose Luis Gaya. The 19-year old is also believed to be on Real Madrida s radar, but with the Spanish transfer window now closed, Arsenal might edge the European Champions and end up signing the defender.

Gaya is believed to have a A?13.5m release clause, which will be a bargain considering his age and talent. Daily Star suggests that Arsenal are ready to pay his release clause and bring the defender on board.

Gaya has made 19 La Liga appearances for Los Che this season, scoring twice and is a Spain U21 international.

With so little time left for the deadline day to come to a close, it looks unlikely that Arsenal will dip into the market for another player. However, Arsene Wenger has a history of being active on the deadline day. In the previous window, Wenger recruited Danny Welbeck from Manchester United on the last day and in the summer of 2013, the Arsenal boss managed a transfer coup of sorts when he signed Mesut zil from Real Madrid on the final day of the window.