The Sun is claiming that the north London side have recently sent scouts to watch the forward in action and that Leicester City are also interested in making a move for the striker.
The report states that both Arsenal and Leicester sent scouts to watch Etebo in action for Portuguese side Feirense in their 1-1 draw with Porto last week.
It also claims that European teams Monaco and Atalanta have also been tracking his progress.
Etebo is widely regarded as an exciting prospect and won African Football’s Most Promising Talent award in 2015.
Arsenal boss Arsene Wenger has remained typically coy when quizzed about his plans for the January transfer window in recent news conferences.
The north London side acted late in the summer transfer window to bring in Lucas Perez and Shkodran Mustafi back in August.
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