The 21 year old again starred for the La Liga champions after coming on as a substitute in the win against Barcelona in the Spanish Super Cup on Sunday. He scored with a long range effort to seal a 3-1 first leg victory for Real, but the player has remained locked in contract negotiations with the Spanish club for a while.
Asensio is believed to be on a mere €1million a season currently (approximately £17,500 a week) but he is holding out for up to €7million a year, which is around £122,000 a week. He signed his last contract two years ago but his rapid rise to prominence means he is looking for parity with stars such as Toni Kroos, Luka Modric and Isco.
The Gunners will likely be keeping a close eye on the discussions if the talks fail, but with his recent performances, it is likely Real president Florentino Perez will do all he can to secure Asensio on a long term deal.