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Arsenal scouts are said to have been keeping tabs on Porto's Danilo Pereira who has a €40m (£34.5m) release clause in his contract.
The defensive midfielder started five games in Portugal's Euro 2016 triumph last summer and could come in as competition for Granit Xhaka, Francis Coquelin and Mohamed Elneny.
According to A Bola, Arsenal representatives were in attendance to watch Pereira score in Porto's 4-2 win over Rio Ave last weekend.
Sevilla are said to have "lined up a replacement" for Steven N'Zonzi, potentially freeing him up for a move to Arsenal.
Another defensive midfield option, N'Zonzi has impressed in the Spanish club's run to second place in La Liga this season and has caught the eye of several Premier League clubs.
With Sevilla seemingly resigned to losing the former Stoke player - who is said to have a £25m release clause - Don Balon report they want to sign Lille's Ibrahim Amadou in the summer to take his place.
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Elsewhere, Arsenal are said to be in competition with Bayern Munich to sign Metz starlet Vincent Thill, according to TalkSport.
The 16-year-old attacking midfielder became the first player born this millennium to score an international goal when he found the net for Luxembourg against Nigeria last May and has since appeared off the bench in Ligue 1 and the French cup.
Alexandre Lacazette - long linked with a move to north London - is "waiting for the right time" to leave Lyon, according to former teammate Samuel Umtiti.
"I have great respect for Lyon, they are one of the biggest French clubs, but after a while, he will leave to progress," Umtiti, who left for Barcelona last summer, told Canal+. "I know his character. He is waiting for the right time."
Marseille have joined the race for Arsenal target Ricardo Rodriguez, according to L'Equipe.
The Swiss defender has been heavily linked with a move to the Emirates, but the French club are short on options at left-back and are willing to splash their cash.
After a move to Dortmund failed to materialise, Gedion Zelalem looks set to join Dutch second tier leaders VVV Venlo on loan until the end of the season.
The Eerste Divisie side are seven points clear at the top of the table and De Telegraafreports Arsene Wenger wants him to go there for regular first-team football.
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