Arsenal striker Jose Antonio Reyes is set for a summer switch to Real Madrid, with Michael Owen tipped for a move to Highbury as part of the deal, according to reports in Spain.

According to Spanish sports daily Marca an agreement is imminent after Reyes’ agent, Jesus Rodriguez de Moya, held separate talks with Arsenal vice-chairman David Dein and with Real president Florentino Perez.

Marca also claim that England striker Michael Owen could move in part-exchange for Reyes, bbut that suggestion has already been denied by Real.

“Real Madrid do not envisage an exchange between Michael Owen and Jose Antonio Reyes,” said a statement on the Real website on February 12.

“Real Madrid are satisfied with the work of the English player. There have been no contacts from agents nor Arsenal with Real Madrid.”

Sevilla sold Reyes to Arsenal for €35m in January 2004, but just over a year into his four and a half year contract the player is believed to be unhappy in London.

Owen joined Real from Liverpool for €12m, and although he has been a regular scorer he has been unable to command a regular place in the starting eleven.