The Gunners have been linked to River Plate star Exequiel Palacios, according to TNT Sports.
Palacios, 20, has already broken into the Argentina national squad and had been linked to a move to Real Madrid.
In 2018, he was in a relationship with Sol Perez, dubbed the “World’s Hottest Weather Girl”.
The 25-year-old revealed the pair used to date but claimed she had discovered he was dating someone else.
In August last year, she said she learnt he had had a girlfriend of two years when they were seeing each other.
“I lost my love quickly, just like that!”
Sol Perez, world’s hottest weather girl
Speaking to Argentine media, she said of Exequiel: “I could say a lot about him, but I choose not to talk about my private life.”
But she said she held no bitterness towards the young star.
“Everything that was said is not good for him because, for a footballer, so much exposure is complicated.”
She added: “I hope he does well in his work.
“When sharing moments, one becomes fond of a person, but I don’t know if I came to love him.”
But she insisted: “I did appreciate him because he is a person I trusted, and when there is a lot of intensity in something, no matter how long or short the relationship, one gets fond of someone.”
She went on: “I lost my love quickly, just like that!”
Although no formal offers have been made for Palacios, Arsenal are said to be monitoring the midfielder and two other South American talents as potential replacements for the outgoing Aaron Ramsey this summer.
The Welsh playmaker is joining Juventus this year on a free deal, for an estimated salary of £400k a week.
Arsenal are also said to be eying up Boca Juniors stars Nahitan Nandez and Emanuel Reynoso.
Gunners manager Unai Emery is looking to rebuild his squad following this week’s disappointment in the Europa League final.
The north London side was thrashed 4-1 by London rivals Chelsea in the Azerbaijani capital Baku.
Their defeat meant they will miss out on Champions League football at the Emirates for a third consecutive season.