The 26-year-old made the move to the Gunners from Manchester City in the summer of 2022, and he has represented the North London club on 44 occasions, scoring 15 goals and registering nine assists.
Jesus registered 11 goals and eight assists in 33 appearances for Arsenal last term, while he has four goals and one assist in 11 outings in all competitions during the 2023-24 campaign.
The Brazil international has only netted once in the Premier League this term, but he has been excellent in the Champions League, scoring three goals in three appearances.
Jesus played a vital role in Arsenal's 2-1 victory over Sevilla on Tuesday evening, but he picked up a hamstring issue in that contest which could see him spend a period on the sidelines.
According to AS, both Barcelona and Real Madrid are interested in the Brazilian, with the pair thought to have considered moves when it became clear that he would be leaving Man City.
The report claims that the two giants of Spanish football 'do not forget him' and are 'following his evolution closely' with a view to making a move at some stage in the future.
Arsenal are believed to be keen to sign a big-money centre-forward next year, and an addition in the final third of the field could see Jesus in a similar position to the one that he found himself in at Man City before his departure.
The attacker enjoyed a successful period with the Citizens before his switch to the Emirates Stadium, scoring 95 goals and registering 46 assists in 236 appearances in all competitions.
Real Madrid lost Karim Benzema over the summer, with the
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