Arsenal have joined Chelsea in the race to sign Jonathan Calleri from Boca Juniors to reinforce their squad during the January window, according to Fichajes, as reported by the Metro.
The 22-year-old was believed to have agreed the terms of a switch to join the current Premier League champions, but could be persuaded otherwise due to interest from their rivals.
Calleri is beginning to attract interest from a host of European clubs after impressing for the Brazilian outfits so far this season with 21 goals from a total of 53 appearances in all competitions.
Both English clubs are said to be keen on reinforcing their attack during the upcoming window as they look to go head-to-head for the signature of the striker.
Blues star Diego Costa has been under heavy criticism for his disciplinary issues both on and off the field, while the Gunners have very limited options in attack given a number of injury concerns in recent months.
Apart from the two mentioned sides, Serie A giants Inter Milan are also said to be keeping an eye on the player as they could also join the race for his services in January.