The Frenchman is a keen admirer of the Spaniard and, after failing to sign the 24-year-old in the summer, is expected to try to trigger the forward's £14.6m release clause in his contract in the New Year.
"Adrian fits the bill for Arsenal," a source told Goal.com. "There is interest in Llorente but he is too similar to Giroud. Wenger wants a striker who is more pacey and can run in behind.
"They feel they can get Adrian for a reasonable price because of the buy-out clause. Wenger wants the deal done at the beginning of January."
Lopez has been hailed in some quarters as the new David Villa.