Real Madrid to offer Owen for Arsenal's want-away Reyes

Real Madrid vice-president Emilio Butragueno is set to open talks with Arsenal over striker Jose Reyes this week.

After last night's dismal defeat at little Getafe, Real president Florentino Perez knows he needs a big signing to counter a fans backlash after a week of disappointing results.

Real will again finish the season without a trophy, but Perez hopes an early announcement of Reyes' return to Spain next season will cool tempers in the Spanish capital.

England striker Michael Owen will be offered to Arsenal in part-exchange for Spanish international Reyes. Owen has the best strike rate at the club, but the former Liverpool hero is concerned about the effect not being in the starting line-up will have on his England place and is understood to be open to joining the Gunners.

Indeed, both players are said to be happy to see the deal done and all that remains is for the clubs to reach agreement over a cash component for the transfer.