According to Goal, the Gunners are one of several clubs to have held informal talks with the 33-year-old, who is close to finalising an agreement to terminate his contract with Brazilian outfit Atletico Mineiro.
While the report noted Arsenal have not submitted an official enquiry for the former Spain international, Mikel Arteta remains eager to bolster his attacking options during the January transfer window.
Former Chelsea striker Diego Costa could be in line for a shock return to the Premier League
With the out-of-favour Pierre-Emerick Aubameyang on international duty at the Africa Cup of Nations and Folaring Balogun loaned to Middlesbrough this week, Arsenal's choices up-front are limited.
Alexandre Lacazette and Eddie Nketiah are the only two recognised strikers at Arteta's disposal, but both are out of