If Rodriguez returns to Real Madrid, the club plan to use him as a pawn to lure Tottenham into selling Eriksen.
The Colombian has on a loan deal at Bayern Munich since 2017, but has struggled with injuries this season in Bavaria.
The South American has once again failed to establish himself as an important part of Niko Kovac's side having started just 5 Bundesliga games this season and it's led to speculation his loan could be cut short.
Real Madrid's pursuit of Tottenham Hotspur's Christian Eriksen has taken a fresh twist, with Los Blancos now understood to be keen to offer a part-exchange deal involving James Rodríguez - whose future at Bayern Munich remains unresolved - in a bid to lower Spurs chairman Daniel Levy's starting price in talks over the Dane.
Unai Emery has already confirmed he's hoping to strengthen his squad after losing Danny Welbeck for the rest of the season while Mesut Ozil has fallen out-of-favour under the Gunners boss in recent months.
It was being suggested that both Real Madrid and James Rodriguez were considering a deal with Arsenal but now ESPN is suggesting otherwise.
We certainly need more top quality options in the final third and Rodriguez would be an exciting signing, plus he's capable of playing anywhere across the attacking positions so his versatility would make him a useful asset for Emery.