The Spanish giants are said to be plotting a series of big name summer arrivals, and to do so they must move on a number of their big earning, ageing players.
This has alerted the Gunners, who are keen to add to their squad in a bid to mount a serious challenge for the Premier League title next season.
One area in which Arsenal have been weak this term is defence, with a number of the club’s backline failing to perform consistently.
Arsene Wenger is believed to see Alves as an ideal addition, and the sort of player who can strength his squad both defensively and offensively.
However, the Londoners will face stiff competition for his signature, with both AC Milan and Anzhi Makhachkala keen on the 29-year-old.
But, an opportunity to play in the Premier League may tempt the rampaging full-back, who has spent the majority of his career in Spain.
Arsenal will be hopeful that their previous dealings with the Catalan club, to whom they have sold Cesc Fabregas, Thierry Henry and Alex Song, may help them in any pursuit.