New Gunners boss Unai Emery is looking for reinforcements to his squad during the summer transfer window as he looks to take the club back into the top four of the Premier League next season.
Reports in Argentina suggest that he has identified Pavon as a possible target, with the 22-year-old having established himself as one of the brightest prospects in Argentine football in recent years.
Boca are unwilling to sanction any sale before or during the tournament in the hope that good performances from Pavon could allow them to up their asking price.
However, the Argentine champions are reportedly already looking for a replacement in case Arsenal's interest extends further.
The Gunners could face competition for Pavon's signature from London rivals Chelsea, though, with the Blues having also reportedly held initial talks with the player.