Arsene Wenger is in the market for a new goalkeeper, and has identified the Sporting Lisbon goalkeeper as a potential target.
But reports in Portugal, quoted by talkSPORT, claim that an initial £8.5m move for Patricio has been knocked back.
Current first-choice stopper Wojciech Szczesny has endured a mixed campaign this term, while his injury replacement Lukasz Fabianski has also failed to nail down a first-team place.
The 25-year-old has spent his entire career at Sporting, and has been a first-team regular at the club since 2008. The Portuguese side have struggled this season though, and currently occupy seventh spot in Liga Sagres.
But that won't be good enough to qualify for European football next season, and Arsenal believe they could lure Patricio to the Emirates Stadium with the promise of Champions League football.
Portuguese newspaper A Bola reports that Arsenal's first bid has been turned down, and that Sporting are looking for something closer to £12.5m for the international.