The 28-year-old, who was in action for Mexico at the 2018 World Cup, has made almost 200 appearances for Porto since a move from Pachuca in 2013.
The midfielder's current deal will expire at the end of the season, however, and it is understood that he will move on a free transfer next summer.
Tottenham Hotspur have recently been linked with a move, while Real Madrid are believed to be in the hunt.
However, according to Corriere dello Sport, Arsenal are also monitoring the Mexican's situation with the view to signing him next summer.
Arsenal will attempt to record their third straight Premier League win when they travel to Newcastle United on Saturday afternoon.