Arsenal are still interested in signing winger Cristian Pavon from Boca Juniors and have opened talks with the Argentine club, according to reports.
Former Arsenal chief executive Ivan Gazidis was reportedly interested in the 22-year-old before his departure to AC Milan.
However, it is understood that the London club remain interested in the Argentina international, who represented his nation in the World Cup in Russia this summer.
According to TEAMtalk, club president Daniel Angelici values his player at £44m, a fee Arsenal are willing to meet.
Arsenal currently sit in seventh place in the Premier League after earning just nine points from their opening five games of the season.