Arsenal could potentially sign James Rodriguez from Bayern Munich until the end of the season for as little as £3m, thanks to a little-known Fifa regulation.

Although a player is only able to appear for two clubs in a single season, according to article 5.3 in Fifa’s Regulations on the Status and Transfer of Players, a squad member can still be registered by up to three clubs.

The Colombian midfielder joined the German champions from Real Madrid on a two-year loan move, so has only represented Bayern this season, and has since fallen out of favour under new manager Niko Kovac.

Unai Emery confirmed last week that Arsenal would not be able to make any permanent signings in the January transfer window, and are now pursuing established targets such as Barcelona’s Denis Suarez and Rodriguez on loan.

If Arsenal could cover the remaining £3m of Rodriguez’s £11.5m loan fee, it’s believed Bayern may consider letting the Gunners take up the last six months of the loan agreement.

Ranking every Arsenal player signed since Sven Mislintat's appointment Show all 9 1 /9 Ranking every Arsenal player signed since Sven Mislintat's appointment Ranking every Arsenal player signed since Sven Mislintat's appointment Ranking every Arsenal player signed since Sven Mislintat's appointment We rank every Arsenal player signed since the arrival of Sven Mislintat from Borussia Dortmund. Getty Ranking every Arsenal player signed since Sven Mislintat's appointment 8. Stephan Lichtsteiner 5/10. Signed on a free transfer from Juventus, although far too slow to be relied upon as a regular first-team option. AFP/Getty Images Ranking every Arsenal player signed since Sven Mislintat's appointment 7. Konstantinos Mavropanos 6/10. The first signing made under Mislintat's tenure as head of recruitment. Was sent-off last season against Leicester, but still only 21 with plenty of potential. Arsenal FC via Getty Images Ranking every Arsenal player signed since Sven Mislintat's appointment 6. Sokratis Papastathopoulos 6/10. A reliable option at the heart of Arsenal's defence, but £17.6m was an awful lot to spent on a 30-year-old. Getty Ranking every Arsenal player signed since Sven Mislintat's appointment 5. Henrikh Mkhitaryan 6/10. Arrived at the Emirates as part of the deal taking Alexis Sanchez to Manchester United. Has impressed sporadically but is yet to look anywhere near his best. Getty Ranking every Arsenal player signed since Sven Mislintat's appointment 4. Bernd Leno 7/10. Forced to wait for his chance, but now Unai Emery's established number one. Has made the occasional mistake but settling in well. Action Images via Reuters Ranking every Arsenal player signed since Sven Mislintat's appointment 3. Matteo Guendouzi 8/10. Pound for pound, arguably Arsenal's best signing of the last two seasons. Already a regular aged just 19 and a snip at £7m. REUTERS Ranking every Arsenal player signed since Sven Mislintat's appointment 2. Lucas Torreira 9/10. Exactly the sort of player Arsenal have been crying out for years now. Not just a first-team regular, but utterly essential to how Emery wants to play. Getty Ranking every Arsenal player signed since Sven Mislintat's appointment 1. Pierre-Emerick Aubameyang 9/10. A fantastic signing, albeit for a hefty sum. Already has 24 goals in just 35 Premier League appearances and has developed a fine strike partnership with Alexandre Lacazette. Getty Images

Bayern’s sporting director, Hasan Salihamidzic, responded to potential interest in Rodriguez and told Bild: “We will look at the second half of the season and we will draw the right conclusions.”

Emery’s insistence on looking to already established players, rather that unearthing young stars like 19-year-old French midfielder Matteo Guendouzi, is also believed to be a key cause in the club’s backroom ruction, which may see Head of Recruitment Sven Mislintat leave the Gunners after just 15 months.

Wolves, who have been chasing Chelsea’s Tammy Abraham, may also be able to take advantage of the Fifa regulation as although the striker, who is currently on loan at Aston Villa, would be registered at three clubs in a single season, he has not appeared for the Blues this term.

Fifa article 5.3 states:

“Players may be registered with a maximum of three clubs during one season. During this period, the player is only eligible to play official matches for two clubs.