The Argentine forward is being monitored by clubs including Chelsea and Manchester City.
It would be a surprise move for Arsenal but Arsene Wenger is in the market for a forward.
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.