All the latest Arsenal transfer news and rumours from across the British and European press on Tuesday, January 23.
Arsenal and Tottenham are locked in a £35m battle for PSG winger Lucas Moura, according to The Sun.
Arsenal reportedly wanted Moura on loan, but the French side will only negotiate a permanent deal, with north London rivals Spurs trying their hand.
Arsenal and Manchester United are both believed to be interested in a deal for Porto midfielder Danilo Pereira, according to A Bola in Portugal.
The 26-year-old was part of the Portugal side that won Euro 2016, and scouts from both Arsenal and United were reportedly in Porto on Friday night to watch their clash against Tondela.
Danilo can also play at centre-back, and has been on fine form this term for the Portuguese league leaders.
Boca Juniors winger and reported Arsenal target Cristian Pavon has hinted he is prepared to depart the Argentine club.
The 22-year-old could be available for £20m, and has also been linked with Juventus and Man City.
He told Fox Sports: "I wish it was fixed, I said at one point that I was going to stay but, well, I still do not know anything.
"I prefer to play games and not be focused on what happens outside. I will sit down to talk with my manager [Fernando Hidalgo], with my family, and I will see what happens."