The player's agent Henry Galeano claims that the Gunners expressed interest after watching his client play in the Under-17 World Cup.
"We're ecstatic to have another major club like Arsenal following young Iheanacho," Henry Galeano told the IB Times.
"That said, the attention is well deserved. Iheanacho's performance at the World Cup was indeed remarkable.
"Iheanacho has consistently shown good form and the statistics throughout his career as a youth player with Nigeria are quite impressive."
Galeano claims that the Gunners are just one of several teams interested in signing Iheanacho.