Juventus keeper Gianluigi Buffon is expected to favour a move to AC Milan rather than Arsenal.
Defending champions Real Madrid, though, left it late to avoid a defeat at Borussia Dortmund in the Champions League.
Real Madrid are still hopeful of signing AC Milan's Brazilian midfielder, despite the player saying he is happy where he is.
Arsenal named a strong side captained by Mesut Ozil while Real had Bale on the bench and Eden Hazard, wearing the number 50 shirt, starting alongside fellow new signing Luka Jovic in attack.
The Bayern Munich goalkeeper allowed a long-range free-kick by Real's Roberto Carlos to slip under his body in the Champions League first knockout phase match.
A summary of football matches played across Europe over the weekend.
Cristiano Ronaldo hit a hat-trick in Real Madrid's 4-1 Champions League win at Ajax Amsterdam on Wednesday but big spending trio Zenit St Petersburg, Paris St Germain and Manchester City failed to win.
Skipper Raul struck twice as Real Madrid got the better of old foes Bayern Munich with a 3-2 win at the Bernabeu in the first leg of their Champions League first knockout round tie on Tuesday.
Nine-times winners Real Madrid will play Manchester United in the last 16 of the Champions League after the draw was made at UEFA's headquarters in Switzerland on Thursday.
Real Madrid coach Mourinho surprised many by including Kaka in the starting lineup for Wednesday's 4-1 Champions League win at Ajax and he responded with a performance full of verve and creativity that suggests he may be working his way back into contention.
A 'winning culture' may be one of the most over used terms in modern football but Real Madrid and Carlo Ancelotti proved on Saturday, at Liverpool's expense, that there truly is meaning and value in the concept.
Real Madrid became the first team to qualify for the last 16 of the Champions League.
Real Madrid are also interested in signing Borussia Dortmund's German international defender Christoph Metzelder.
The former Paris St Germain manager will be presented on Wednesday and will replace Jose Mourinho who left at the end of last season to join Chelsea.
The former AC Milan coach dismissed suggestions that many of the so-called Galacticos in the Real Madrid squad are now past their best.
A summary of Tuesday night's matches in the Champions League.
News of all that's transpired on and off the football field
Lewis-Skelly gets England call-up; Recalls Rashford, Henderson return.
Villarreal fought back to shock Barcelona 3-2 on Sunday, handing the LaLiga champions their first league defeat since late December.
Juventus striker Carlos Tevez struck to give the Serie A champions a 1-0 win over AC Milan on Saturday, handing coach Massimiliano Allegri a winning return to San Siro where he was shown the door eight months ago.
Real Madrid's Karim Benzema was in red-hot form, scoring 15 times in the competition and lifting the trophy for a fifth time in his career after the Spanish side beat Liverpool in the final.
Robinho arrested in Brazil to serve rape sentence
Real Madrid won the Club World Cup for a record extending fifth time after beating Saudi Arabia's Al Hilal 5-3 in the final on Saturday.
News of all that's transpired on and off the football field
Manchester City spent more than 180 million pounds ($223.58 million) -- more than the combined amount paid by the other 19 English top-flight clubs in a relatively quiet window.
Brazil playmaker Kaka scored his first goal, a delightful curling shot, since his return to AC Milan at the start of the season but his struggling team were held 1-1 at home by Lazio in Serie A on Wednesday.
News of all that's transpired on and off the football field
Klaas-Jan Huntelaar has gone on to become one of the Bundesliga's most prolific strikers since he was shunned at Real Madrid and will finally have a chance to show his former club what they are missing on Wednesday.
AC Milan has made a 4 million-pound offer offer for the Brazilian striker.
Real Madrid dug deep in a 3-0 home win against lowly Alaves in the La Liga, but Ligue 1 leaders Paris St Germain their second Ligue 1 loss of the season.
Lionel Messi was at the top of his game as Barcelona earned a 3-2 win at Athletic Bilbao on Wednesday to move up to third in La Liga.
Empoli beat Juventus 4-2 on penalties to advance to their first ever Coppa Italia semi-finals on Wednesday after a resilient performance helped them to hold the defending champions to a 1-1 draw in regular time.
Luka Modric has signed a one-year contract extension with Real Madrid
