As a result, it is now believed that Unai Emery is formalising an official bid.
The Gunners have a relatively minimal transfer budget to work with during this window.
New Arsenal technical director Edu has wasted no time in identifying targets for the Gunners, and has made contact with Gremio over the possible transfer of Brazil winger Everton Soares, according to Globo Esporte.
The 23-year-old's performances are reported to have attracted interest from a host of Premier League clubs, including Arsenal, Manchester United and Manchester City, with the forward hinting a move away from Brazil could be finalised this week.
The lack of a pay structure is now holding up the deal.
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A winger is on Emery's shortlist this summer - as is a full-back and a central defender.
Everton is keen on a four-year deal as he looks to finalise his future following his country's continental success.
Fraser meanwhile is one of Bournemouth's top performers and the Cherries are looking to price out any interested parties. Arsenal's decision to switch their attention towards Everton comes after their failed attempts to lure Crystal Palace's Wilfried Zaha.
Edu has a good relationship with the winger following his role as general coordinator for Brazil during their Copa America campaign, which should help in his efforts to convince the player to make the move to north London.
Whilst spending a large part of that budget on Everton would make it hard to recruit any other new signings, it would go a long way to helping finance deals for the likes of Kieran Tierney and William Saliba.