The La Liga giants are among the clubs chasing the Gunners forward, who has only 13 months contract with him in north London.
Aubameyang is not expected to sign a new deal with the Emirates, leaving Arsenal with a decision to make between cashing in now or allowing his contract to end.
I really want to sign it, but they won’t wait beyond the middle of next month to find out if the Gabonese star will join them or not.
One option the Spanish wanted to explore was a potential swap deal, including Dani Ceballos.
The exchanges will be favored by many clubs on the continent this summer given the losses that each of them has suffered as a result of the coronavirus crisis.
But sources close to Real say the club knows that a swap deal would not be easy and there is an acceptance in Madrid that it will have to find the 40 million pounds it will cost to land the player.
Ceballos, meanwhile, wants to return to Madrid for the 2020-21 campaign after spending the season at Arsenal.
But he will only do so if he is assured that he will play regularly on Zinedine Zidane’s team.
Mirror the best football stories
The midfielder had been linked to a move to Seville as part of Real’s attempt to bring Lucas Ocampos to the Bernabeu, but Ceballos ruled out this possibility yesterday.
Real suspended talks on contracts and transfers for a month to give itself more time to analyze the fallout from the problems caused by the coronavirus epidemic.
By then they will know if the 2019-2020 season will end in Spain and they also want to have a clear idea of Arsenal and Aubameyang’s plans.