Mexican media outlet Correio da Manha, as quoted by the Daily Mirror, is reporting that Arsenal are interested in a swoop to sign the 28-year-old attacker.
The same article states that Arsenal face competition from their Premier League rivals Everton and West Ham United to sign the Mexican forward.
According to the same story, Serie A giants AS Roma will rival the English trio for the FC Porto attacking midfielder in the summer transfer window.
Arsenal have already strengthened their midfield options this summer after the Gunners were reported to have agreed a £30m deal to sign Uruguay international Lucas Torreira.
The north London side have released England international Jack Wilshere to leave a void in the Arsenal squad under new manager Unai Emery.
Arsenal finished in sixth place in the Premier League table to miss out on the Champions League for the second successive season.
The Gunners lost 3-0 to Premier League champions Manchester City in the League Cup final at Wembley.
The north London side have signed Juventus defender Stephan Lichtsteiner and Bayer Leverkusen shot stopper Bernd Leno.
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