The club are still working on a deal to sign Ukrainian winger Mykhaylo Mudryk, while Atletico Madrid forward Joao Felix is being considered for a loan move, although the price tag of €21m (£18.6m) could be a potential stumbling block for Arteta.
With just 18 months left on his current contract, a move for Lozano could come at a reasonable price and he could well be an ideal alternative to Felix.
The 2020/2021 and 2021/2022 campaigns saw the right winger register 20 and 12 goal contributions respectively and despite his numbers falling this term, there is still a case to be made that he could be a solid addition if any potential Felix move fails to materialise.
The 27-year-old has registered just one fewer goal contribution than Felix in league matches this season while taking more shots (26 to 25), generating more shot-creating actions (32 to 26), having a better dribble success rate (44.4% to 26.1%) and delivering more crosses into the opposition box (29 to eight).
These statistics prove that Lozano is still operating at a high level, despite not being as effective at scoring compared to the previous few seasons, and his ability to offer an excellent attacking threat from a wide area could be key for Arteta.
The Mexican star was previously dubbed a “sensation” by broadcaster Bolariwa Olajide in 2017 and since moving to Europe six years ago, he has certainly justified the lavish praise by scoring 70 goals across spells at PSV Eindhoven and now Napoli.
A fresh start in England could work out well for the winger, and with Arsenal on the cusp of something special, Lozano might find it extremely difficult to turn down.