The La Liga club are yet to contact the representatives of the France international having initially planned to sign him next summer, but the season-ending injury Eder Militao picked up at the weekend could change all that.
Madrid are now considering going after Saliba in January, and Arsenal are aware of their interest.
The defender will have two years remaining on his deal at the end of the season, and the Gunners have started talking about handing him a contract extension.
It is hard to see Arsenal agreeing to sell the 23-year-old anytime soon, and an exit when the winter transfer window opens can be effectively ruled out.
However, Madrid will test their resolve next summer, and it will be interesting to see what happens then and going forward.
The Gunners have found themselves nine points behind leaders Liverpool after 11 Premier League games this term, and some fans are already pessimistic about their chances of winning it.
Challenging for the Champions League could also be difficult for Arsenal despite their talented squad, and a move to Madrid could start appealing to Saliba if the major silverware are not forthcoming at the North London club.
The Gunners will do all they can to ensure that they hold on to one of the best defenders in the world right now, and giving him an improved deal and further bolstering their squad with quality players capable of helping them win titles would be a great way to do that.
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