After missing out on Raphinha the Gunners must now turn their attention to alternative options and another Brazilian has been linked with a move to the Emirates.
What is the latest on Paqueta?
Coming off the back of an impressive season with Lyon it is no big surprise to see him linked with a high-profile Premier League move.
Arsenal are not alone in their pursuits, however, with Newcastle also eyeing a deal for Paqueta this summer with the 2022-23 campaign moving closer with every day that passes.
Both suitors were handed a boost this week when reports in France revealed that Lyon had slashed their asking price for their star man.
It had previously emerged that £68 million was being demanded for his services but the latest reports suggest as little as £34 million could be enough to sign Paqueta this summer.
The large initial fee was perhaps not a big surprise considering he still had three years remaining on his contract in Lyon, although it did initially deter the Gunners.
What has Romano said about Paqueta to Arsenal?
Romano told GIVEMESPORT: “At the moment there is nothing close for Arsenal. There is an interest because Edu, of course, with his Brazilian link knows the players so well and had some contact with his agent but never submitted a proposal.”
Where would Paqueta fit in at Arsenal?
Versatility is clearly a trait valued highly by Mikel Arteta this summer with the demands of European football once again being considered at the Emirates.
Regular weeks of playing on Thursday night and Sunday are in the offing thanks to the Europa League so ensuring he has enough cover throughout the squad is of great importance.
Fabio Vieira has arrived and is capable of playing anywhere in midfield and even out-wide while Oleksandr Zinchenko, who is moving closer to a £32 million move from Manchester City, can play in midfield and at left-back.
Paqueta may have predominantly played as an attacking midfielder for Lyon last summer but was also deployed as a centre-forward on occasion as well.
He scored nine goals and provided six assists last term and is perhaps most likely to compete and rotate with Martin Odegaard in that attacking midfield role, but also be prepared to fill-in throughout the XI when required.