The 20-year-old currently plies his trade for Corinthians and is said to have been monitored by the Gunners for several years, with his performances catching the eye of their South American scouts.
According to The Sun, Arsene Wenger's side are now weighing up a bid in the region of £9m for the youngster, although Corinthians are likely to demand that he is immediately loaned back to them as part of any deal.
"Arsenal are very interested in Maycon. He has been watched a fair amount for more than a year," a source told the newspaper.
"They have been impressed and he has a promising future. He is not really a player for now.
"There could be issues with getting him a visa. It would take a lot of work behind the scenes to get sorted.
"Arsenal have other priorities, so it could be one that happens in the summer, rather than now."
Maycon - a Brazil international at Under-20s level - is also said to be of interest to Italian giants Napoli.