Van der Vaart is a among the players that will be allowed to leave the Bernabeu in January.
News of the World says Arsenal boss Arsene Wenger is considering signing the 26-year-old due to long-term doubts over Tomas Rosicky and Theo Walcott.
Van der Vaart is in need of regular first-team action in order to be guaranteed a place in Holland’s World Cup squad in South Africa next summer.
Van der Vaart said: “If an opportunity emerges I would look at it because I need games.
“For the moment nobody has told me I am leaving. I am now back on the bench but I will again have a chance to show my quality.”