Another player reportedly in their sights is Norwich playmaker Emiliano Buendia, who has helped the Canaries to the top of the Championship table.
But who Arsenal end up recruiting is something only time will tell.
Meanwhile, Gunners legend Kevin Campbell recently questioned their interest in Isco – and hailed Bakuyo Saka and Smith Rowe for their recent showings.
“Well Emile Smith Rowe’s been creative, Saka’s been creative. So I’m not sure where Isco would fit,” he said.
“He’s s a gifted player, don’t get me wrong, but he’s not someone who’ll pick the ball up and go past people. He’s a technical operator.