Versatile Brazilian forward Piazon is currently away from English football on loan at Eintracht Frankfurt and the latest reports from Russia cited by the Daily Express claim that the Gunners - along with Premier League rivals Everton and even Zenit St. Petersburg - are among a number of suitors looking to steal him away from Stamford Bridge upon his eventual return.
20-year-old Piazon has been at Chelsea for three years now, yet has only featured for the senior side on three occasions. Indeed, his only Premier League appearance for the Blues to date came during the thumping 8-0 victory over Aston Villa back in December 2012, when he replaced Juan Mata with a minute of normal time remaining.
Unable to force his way into the first-team picture on a consistent basis - a problem that afflicts many of Chelsea's youngsters - Piazon has also previously embarked upon loan spells with La Liga outfit Malaga and unofficial feeder club Vitesse.
While that aforementioned stint in the Eredivisie can be regarded as a success, Jose Mourinho still evidently did not deem Piazon worthy of a spot in his squad for the 2014/15 campaign - hardly surprising given the current strength in depth available to the Portuguese following another ruthlessly efficient and successful summer in the transfer market.
Given that his impact in West London has been limited at best, it seems somewhat strange that Arsenal - who have been criticised in the past for slight lack of ambition when it comes to signing players - should retain an interest in securing his services.
Arsene Wenger, despite his faults, is generally regarded as a shrewd talent-spotter, however, so it could be that the Frenchman and his scouting team have identified something in Piazon that perhaps Chelsea may have missed.
If Arsenal or Roberto Martinez's Everton - the latter of whom have a recent history of dealing with Mourinho while working to iron out deals for Romelu Lukaku and budding Ghana international Christian Atsu - do have serious ambitions regarding the signing of Piazon, then they may just face considerable competition from his current club.
"Definitely, we will be looking to discuss things with Chelsea," - Frankfurt general manager Bruno Hubner
“Chelsea might hand him another loan year at our club.That would be what we are looking for because I think the Bundesliga is currently the best platform for Lucas Piazon. He can add a certain physical toughness to his game and will be able to make a big step if he learns to become a starter in the Bundesliga.”