The Gunners boss was interested in signing the versatile Peruvian before the transfer deadline as a replacement for Samir Nasri and Cesc Fabregas but opted to continue scouting him during the season.
Capable of playing at anywhere on the left and also in central midfield he could be a huge asset to Arsenal who are currently going through one of their worst periods under Wenger,
With the Frenchman worried about his sides ability to cope mentally and physically during an arduous winter schedule a bid for Vargas, who also has a reputation as a tough nut, is likely.
The 27-year-old isn’t one to shy away from a physical battle and he would certainly add a fighting mentality to a side that has so far failed to show any sort of battling qualities.
Wenger is prepared to put his faith in the current side until January but a move to bring Vargas to the Emirates Stadium could happen if results don’t improve by then.
They could have a rival for his signature with Juventus are also keeping tabs on him and have been linked with a £10 million bid when the window opens at the start of 2012.
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