Arsenal are reportedly ready to enter the transfer race for Crystal Palace captain Marc Guehi. The England international seemed set to join Liverpool on the last day of the summer transfer window, only for the Eagles to pull the plug on the move at the 11th hour. Manchester City are now among the favourites to recruit the 25-year-old, but the Gunners are now interested in the centre-back, too.The former Chelsea defender completed a medical with Liverpool last summer after a £35 million ($47m) fee was agreed. But Palace backed out of the deal as they were unable to find a defensive replacement for Guehi, who was primed to sign a five-year deal. In November, Eagles chairman Steve Parish opened up on the collapsed transfer and whether or not the England star will be going anywhere in January, with his contract set to expire this summer. "We needed to keep Marc because the difference between us having a stellar season and having a relegation-threatened season is us winning five games or not," Parish told Men in Blazers. "So the margins in the Premier League are very tight and you have to remember that Michael (Olise) has gone, we’re OK, Ebbs (Eberechi Eze) has gone, we’re OK, Wilfred (Zaha) went, we’re OK. There’s a limit to how much you can keep doing that before you break down the fabric of the team."In a mark of the man, Guehi got over this disappointment and quickly got back to work for his team, something Parish praised. He added, "It was a very marginal call. Marc was great about it as a person. Liverpool made the offer. It was a massive club, he was obviously interested in going. But he was fine about it, staying, if that was the decision we made. Obviously it means all of the ball is in his court tremendously as a player and he’s got the choice of wherever he wants to go. It was a very difficult one but I think definitely the right one."This week, Palace boss Oliver Glasner insisted that his skipper will not be leaving the club this month. Manchester City are keeping tabs on Guehi amid injuries to Ruben Dias and Josko Gvardiol. But the Austrian is adamant that the defender is staying at Selhurst Park for the time being. He told Sky Sports: "I think Marc will stay but if Marc says 'I want to leave', and a club pays massive money - with five months left of a contract - every player will leave if you're playing for a club like Crystal Palace. I'm pretty sure our chairman will ask for a very high price for him and then let's see. I don't know if Marc wants to leave."Asked if he was worried Guehi could leave in January, the former Eintracht Frankfurt manager struck a cool and collected figure. Going by his comments, it seems Palace want to keep him until the summer, rather than lose him for a modest fee this month.He added: "No more worried than in the summer because the summer would've been the same. If the offer would have been high enough that the club is fine with it and if Marc wanted to go, he wouldn't be a Crystal Palace player anymore. I think last January would've been the same and the year before would be the same. Every single player has a price where the club will sell him when you're Crystal Palace and maybe because we're not the end of the food chain in football. For me it was a little bit surprising what was made out of it, because it's the exactly same situation as it was in the summer. Right now, when I see him playing, when I see him training, when I see his commitment and when we are talking quite often together, then I think the fans can be really be calm but you never know what will happen in football."With Guehi almost certain to run down his contract, he will become a free agent this summer - giving him a raft of lucrative and enticing opportunities. Real Madrid are said to be tracking the centre-back, as are fellow European giants Bayern Munich. For now, though, The Mirrorclaims that Arsenal are prepared to enter the race for his signature, although City are still favourites to sign him. It remains to be seen if Mikel Arteta's side will bid for him this month or bide their time until the summer. Despite signing Cristhian Mosquera and Piero Hincapie last summer, the north London team are still admirers of the England ace. The report adds that it will take a 'huge offer', in the realms of £40m ($54m) for Palace to part company with Guehi this month, Add GOAL.com as a preferred source on Google to see more of our reportingTransfer speculation aside, Guehi may be focusing on his side's upcoming trip to Macclesfield in the third round of the FA Cup on Saturday as Palace seek to find some form after slipping to 13th in the Premier League table.