The 28-year-old is expecting to leave Real Madrid having fallen out-of-favour under Zinedine Zidane.
Rodriguez has failed to cement a regular berth in the Real Madrid starting eleven and win over the fans following his £63million move from Monaco in 2014.
It now appears that Zidane will finally offload the midfielder this summer but will not be expecting to sell him for the price the La Liga spent on him six years ago, according to Spanish publication Marca (via The Sun).
Rodriguez will have just 12 months left to run on his existing contract in June meaning Real Madrid could either cash in on the Colombian or risk losing him on a free nest summer.
Arsenal will be boosted by the news and could once again attempt to sign Rodriguez this summer having failed to do so in the January transfer window.
Everton have also been credited with interest for his signature.