Arsenal have made contact with the agent of Barcelona winger Pedro ahead of a potential transfer according to reports in Spain.
However Liverpool are also in the hunt for his signature and could try and challenge the Gunners before the transfer window shuts.
The 27-year-old has a £110 million release clause in his contract but Barcelona are said to be willing to let him leave for a fee of around £15 million - which has alerted both clubs to his availability.
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Pedro penned a new contract with Barcelona for the next five years earlier on in the summer - when his mammoth release clause was inserted - but it is claimed that was simply so the Catalan club could safeguard his value when it comes to selling him on.
The winger made 35 appearances in the league last term, however just 15 of those were starts and he is said to be keen on regular first team action.
Pedro was part of Spain's World Cup winning squad in 2010 and has 51 caps to his name, however he has failed to establish himself for either club or country in his career, and Arsenal are hoping to exploit that fact.
The Independent, citing sources in Spain, say that Arsenal have made initial contact with Pedro's agent over a potential transfer, and that the north London club are watching developments at the Nou Camp closely ahead of a potential swoop.
Liverpool have been linked with a move for Pedro for some time now, however the arrival of Luis Suarez and his blossoming partnership with Lionel Messi and Neymar means his first team chances look more limited than ever and that could impact his decision on his future.
Both Arsenal and Liverpool have been active in the summer transfer window already as they gear up for the 2015/16 campaign.
Both teams will return to pre-season shortly and their players will be greeted by a host of new players, especially at Anfield.
Boss Brendan Rodgers has already sealed deals for Danny Ings, Joe Gomez, James Milner and Adam Bogdan, while they also splashed £29 million on Brazilian international Roberto Firmino who had been heavily linked with fierce rivals Manchester United.
Arsenal have made just one signing so far but it is a big one - a £10 million deal for Petr Cech from Chelsea.
The Czech shotstopper announced his switch to the Gunners last week and boss Arsene Wenger is now said to be targets moves for a new striker and a midfielder.