That is according to Mundo Deportivo, who believe the Gunners are preparing a bid for the 28-year-old, but it will have to be something extraordinary as his personal preference is a move to the Camp Nou.
Yesterday, it was reported that the Blaugrana could not afford to sign former Benfica man - leaving the door open for Arsenal to make their move.
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However, Luis Enrique is a big admirer of the Barcelona academy product - following their time together at Celta - and the Catalan club could easily shed some dead wood in an attempt to raise funds.
But there are concerns among the Barca hierarchy that they will be paying at least €18 million for a forward who is soon to be 29 and left the club on a free four years ago.
Arsenal are more than likely to continue their pursuit of the Cadiz-born forward as they look to strengthen their team in the January window.
The Gunners could easily meet his release clause and offer him a bumper deal compared to his current wage in La Liga - something that could quite easily change his opinion.
There is also a sizeable Spanish contingent at the Emirates that should allow the forward to settle quickly into life in England should a move materialize.
Having scored five goals in as many games this season, it would come as some surprise if more clubs did not declare their interest in the Spain international before the window opens.
Is Nolito good enough to play for a top European side? Have your say in the comments section below!