Barcelona have made it no secret that they are interested in signing Bellerin this summer, despite the Spaniard insisting he is happy at Arsenal.
However, it seems the Gunners are taking no risks and are preparing for the worst by having a suitable replacement waiting in the wings.
Danilo signed for Real in 2015 from Porto for £27million, but he has struggled to adapt to life at the Bernabeu so far, with Zinedine Zidane preferring Dani Carvajal in the right-back position.
Spanish news outlet Don Balon (via The Sun) now suggests Real are willing to accept offers of around £17million for Danilo, who has featured just 54 times for the La Liga club since his arrival from Porto two-years ago.
Arsene Wenger will be reluctant to sell Bellerin this summer. However, with the prospect of finishing outside the top four this season and the lure of Champions League football with Barcelona, the speedy right-back may well consider a move back to his former club.