Sporting Lisbon teenager Joelson Fernandes is reportedly on the verge of penning a new deal at Estadio Jose Alvalade.
The Gunners have been strongly linked with the 17-year-old, who made four league appearances for Sporting's first team in the latter stages of their 2019-20 campaign.
However, according to A Bola, the youngster is close to signing a new contract with the Green and Whites, which will raise his release clause to €60m (£54m).
Despite the intense speculation surrounding Joelson, the attacker's agent Kia Joorabchian recently claimed that Arsenal had not launched an official bid for his client.
Barcelona and Juventus are also believed to be admirers of the Portugal Under-17 international, who largely operates as a left-sided attacker.
Arsenal will also allegedly face competition from Manchester United for Lille's Gabriel Magalhaes.
