The Gunners want to sign the 22-year-old Lanus man before the transfer window closes on Aug. 31 after he made his international debut during the summer's Copa America.
Arsenal hopes to complete an 11 million pound move for Paraguay international Miguel Almiron, according to The Sun.
The Gunners are set to sign Shkodran Mustafi and Lucas Perez before the transfer window closes Wednesday, but want to add Almiron to their squad too.
The midfielder recently made his international debut during the Copa America Centenario and currently plays for Argentine champions Lanus, going 90 minutes Sunday in the club's season-opening win over Boca Juniors.