Arsenal have highlighted Lucas Moura as a replacement for Alexis Sanchez once his proposed move to Manchester United is finalised.
The Gunners will compete with Manchester United for the Paris Saint-Germain winger, report ESPN.
The Brazilian admitted he will likely depart this month following PSG's win over Nantes last weekend.
"Is there a chance that I stay this winter? I do not think so," Lucas said. "With what the coach has said, it looks like this is the end of my Paris story.
"I have offers but I cannot talk about them. I like English football very much, it is truly one of the best leagues in the world."
Arsene Wenger insists "nothing is happening" with Pierre-Emerick Aubameyang despite Dortmund confirming bid
Arsene Wenger has claimed "nothing is happening" in Arsenal's pursuit of Pierre-Emerick Aubameyang.
The Gabon striker has emerged as a No.1 target to replace Alexis Sanchez, who is heading for Manchester United.
Reports emerged on Saturday that Arsenal had made a €50m bid for Aubameyang, who was left out of Borussia Dortmund's clash with Hertha Berlin.
Dortmund CEO Hans-Joachim Watzke confirmed a bid has been made but Wenger refused to comment on those claims.
"Aubameyang no, nothing is happening," he said after the win over Crystal Palace.
"Who needs Alexis?" Arsenal's unlikely heroes against Crystal Palace make Gunners fans forget wantaway star
Arsenal fans would have arrived at Saturday's game against Crystal Palace at the Emirates feeling a little uneasy.
With the ongoing rumours surrounding Alexis Sanchez's now likely move to Manchester United , and the transfers of Henrikh Mkhitaryan and Pierre-Emerick Aubameyang not secured yet, they'd have been expecting a tough afternoon against Roy Hodgson's organised side.
Then Arsenal went 4-0 up inside 22 minutes .
Goals from Nacho Monreal, Alex Iwobi, Laurent Koscielny and Alexandre Lacazette saw the Gunners race into a stunning advantage within the first quarter of the game, blowing Hodgson's Eagles away.
And on Twitter, there was only one thing for it.
Yep, you guessed it...