Scorer of a stunning goal in the Spanish Sup Cup this week, Asensio is in the process of agreeing a new contract with Real that would see his release clause increased to €350m. But until that deal is fully signed off, he is, in theory, available for the relatively cut price €80m.
Of course, any chance Arsenal have of signing the 21-year-old hinges on whether he would actually want to leave the Bernabeu should the Gunners or anyone else formally trigger the clause.
And, unsurprisingly, Don Balon’s report, after giving Arsenal fans brief hope, quickly dashes the dream of seeing Asensio in north London as he has no interest in quitting the Bernabeu.
When Asensio’s new contract comes into effect, reflecting his new role as an important first-team player for Real, the opportunity to sign him is essentially over.
The Mallorca-born star played 38 times in all competitions in his debut season with the first-team in 2016/17 and capped off the campaign by scoring in the Champions League final, his 10th goal.
He is now expected to flourish further this season and his emergence is said to be one of the reasons Real have not signed any attacking or forward players this summer, and why potentially missing out on Kylian Mbappe is considered less of a blow than it might otherwise have been.