Wenger is short of options in attack as Robin van Persie is out for most of the season with an ankle injury and the extent of Nicklas Bendtner's groin problems will not be known until the Denmark striker undergoes a series of tests this week.
West Ham's Carlton Cole has been suggested as a striker who fits the bill, and now so has Argentina forward Higuain.
Cesc Fabregas, Wenger's skipper, has been mentioned as a possible Real target if the Spanish giants decide to do business, although the 22-year-old has always stressed his commitment to Arsenal.
The Spain midfielder, encouraged by Arsenal's first half of the season, said: "It has been a really positive start all round, although I cannot draw conclusions because we have not won anything yet.
"Despite people saying we were out of the title race, we have gained some points back on the teams above us. Hopefully at the end of 2010, we will be talking about a great year."
Wenger's men would have been within a point of Barclays Premier League leaders Chelsea if they had defeated Bolton on Wednesday but the match was postponed due to snow.
The match was called off just over four hours before kick-off, angering Bolton fans who travelled south, but the Premier League have backed Arsenal's decision.
A league spokesman said: "Arsenal were attempting to ensure they had the requisite number of stewards there in order that they had their safety certificate.
"The club made every effort to get the game on but due to the adverse weather they were unable to satisfy the safety certificate requirements. They were left with no alternative but to call the game off."
Source: PA
Source: PA