It's rumored for a while now, but multiple reports are saying that Real Madrid are preparing to formalize its intentions of signing Manchester United keeper David De Gea as early as next week.

And while it is reported that Iker Casillas is considering a lucrative offer to leave the club he has been with for 16 years for Turkish club Fenerbahce, there are rumors that Arsenal are keenly monitoring the situation.

The London Evening Standard reports that the Gunners prefer to sign Chelsea's Petr Cech, and adding to the keeper carousel complexities are reports that United are also interested in the Czech keeper should De Gea depart.

"Welcome home Rafa. An honour to have you back. Can't wait to start work soon," Casillas tweeted last week in reference to Real Madrid's hiring of its new coach Rafa Benitez. But there are reports that Benitez would rather avoid the potential soap opera of two goalkeepers fighting for a starting spot.

Speaking of Real and United, Karim Benzema is also said to be coveted by the English club and is said to be a potential bargaining chip for any deal involving De Gea.

The 24-year-old keeper did not agree to a £200,000 a week contract extension, btu has yet to give a clear indication of his intentions this summer. De Gea is currently in Spain preparing for their Euro 2016 qualifier against Belarus on Sunday.

De Gea, who signed for £18.3 million in 2011, still has a year left on his contract and could wait until next summer to make his move back home. But it is said that both Real and United would much rather make a move now, with Madrid reportedly determined to secure Casillas' long-term successor before the start of next season, and United not wanting to lose the talented keeper for nothing.