The Arsenal boss has been tracking the Ivory Coast international for a long time.
News of the World says Wenger held talks with the Spanish side over a move in the summer and agreed to a £8million fee, but they were unable to agree on a deal with Yaya.
But now the Gunners look set to make a new move for Toure in the January transfer window.
A source told the News of the World: “It’s now likely that he and the Gunners can resolve the issue.”