Arsenal are showing an interest in Mauro Zarate of Lazio, reports the Corriere dello Sport.
The capital club have suggested that they are ready to sell the Argentine, 24, should they receive a big enough offer for his services.
The Premiership outfit have apparently stepped forward as they look to strengthen before the transfer window closes.
The report adds that Zarate's agent and his brother Sergio are in London to discuss a possible switch.
Zarate, formerly of Birmingham, is no longer guaranteed first team football following the summer arrivals of Djibril Cisse and Miroslav Klose.
Atletico Madrid and Spartak Moscow have also been paired with moves for the €18m rated forward.