Arsenal reportedly view Atletico Madrid forward Julian Alvarez as one of three alternative targets to Real Madrid star Vinicius Junior.
The Gunners were keen to recruit Vinicius in a blockbuster transfer amid uncertainty over his Real Madrid future.
However, the Brazilian ultimately decided against a fresh challenge in the Premier League, opting to sign a new bumper deal with Real Madrid until the summer of 2032.
According to The Independent, Arsenal are now assessing three alternative options after failing in their efforts to prise Vinicius away from the Spanish capital.
Arsenal view Alvarez as Vinicius alternative
The report claims that Atletico's Alvarez is among those on Arsenal's radar, despite the fact he usually plays as a centre-forward rather than a wide attacker.
That said, Arsenal may view him as a technically better option than their current first-choice striker Viktor Gyokeres.
However, they face competition from Catalan giants Barcelona, who remain interested in Alvarez despite Atletico's repeated refusal to entertain offers.
Alvarez is believed to be keen on completing a move to the Blaugrana, denting Arsenal's aspirations of securing his signature and Atleti's hopes of retaining him for at least one more season.
Which other attackers are Arsenal considering?
The Gunners view Paris Saint-Germain winger Bradley Barcola as an 'attractive option', especially as he would be a high-quality solution in Arsenal's quest for a left winger.
Arsenal will have to overcome a couple of obstacles to seal a transfer for Barcelona, notably PSG's mammoth £130m asking price.
Liverpool are also said to be ahead of Arsenal in the race for the France international, with the Reds looking to recruit another winger after signing Victor Munoz earlier this summer.
In addition to Alvarez and Barcola, Mikel Arteta's side are also assessing Everton star Iliman Ndiaye as a potential option.
Ndiaye can play on either flank or as a number 10, and has already proven himself in the Premier League during his two seasons at Everton.
Arsenal will need to be wary of the Saudi Pro League's interest in the Senegal international if they decide to pursue a transfer.