The Spain U-21 star is currently thought of as one of La Liga’s top young players, and has already become a first-team regular at the Mestalla despite being just 20-years-of-age.
Arsene Wenger is thought to have been alerted by Alcacer’s performances, and has recently ordered the starlet to be monitored closely between now and the end of the season.
It is understood that representatives from the Gunners have been in attendance to watch the Valencia ace on four occasions over the course of the last month, with a move at the end of the campaign being pondered.
Alcacer has already netted nine goals for Los Che in 19 outings, including a shock winner against Barcelona at the Nou Camp.
Real Madrid’s Alvaro Morata is believed to be Wenger’s top target, but with the front-man valued at over £20m a swoop may be unworkable.
The Valencia youngster is likely to command a much lower fee, with his current club having been in a state of financial worry for some time.
Valencia may also face a battle to keep Juan Bernat, with the left-back wanted by Manchester United.