The agent of Lorenzo Melgarejo has claimed that Arsenal are interested in signing the Benfica defender.
Fenerbahce are also monitoring the 22-year-old Paraguayan, who is valued at around £5m by the Portuguese club.
"Arsenal and Fenerbahce have enquired about Melgarejo, but so far there has been nothing concrete," Juan Gabriel Appleyard told Radio Monumental.
Gunners chief executive Ivan Gazidis recently confirmed that manager Arsene Wenger has money to spend on transfers this summer.