The Gunners are desperate to improve their squad this summer following a sixth-placed finish last term.
Unai Emery has a limited budget at his disposal but is hard at work trying to find bargain buys for his north London outfit.
Arsenal have already beaten rivals Tottenham to the signing of William Saliba.
And according to CalcioMercato, Everton will be the next player through the door at the Emirates.
The Italian publication claims Arsenal delegates have already flown out to Brazil to secure a deal.
AC Milan were keen on a move for the Copa America star.
But Arsenal remain in ‘pole position’ to sign Everton in a deal worth around £36m.
Brazilian Edu is said to have been vital in negotiations so far since his arrival as the Gunners’ new technical director.
The Gremio hitman is on the radar of a number of European sides this summer following his exploits at the Copa America in recent weeks.
Everton netted three goals at the tournament as Brazil lifted the trophy in front of their home fans in the Maracana.
A move the 23-year-old means Wilfried Zaha is unlikely to get his dream move to the Emirates this summer.
The Ivorian has been pushing for a Crystal Palace exit in recent weeks.
But the Eagles want a whopping £80m for his services.
Speaking earlier this week, Emery highlighted his plans in the window.
“We are working, the club is working with the possibility to sign some new players to help us,” he said.
“We are doing a lot of meetings with the club, with (technical director) Edu, with Raul (Sanllehi, head of football) and also with Josh and Stan Kroenke on Monday in Denver.
“We have a clear idea to sign players to help us with quality and in the positions we need.
“We are taking with the patience and with the calm because we really want to sign players who can help us with a big performance and also because we think in the team we have very good players and young players and we also need to take the best player in some positions.
“Really, I can say to our supporters that we are going to have a very good team with the players that are there now and also with three or four players who can help us in a few days.
“Other players can come here to help us. We need, really, that they will come with a big performance and also our target is to achieve three or four players who really improve our team and our squad now.
“We are being very, very demanding and we are first speaking about the possibility to sign very big, very expensive players and the first player in our list is our first target. And after, if we cannot achieve that, then the second. But we are thinking every time that they are going to improve our squad.”