The Gunners have been hit with injuries in their attacking line with Bukayo Saka set to miss up to 15 games due to a hamstring injury.
Arsenal are reportedly interested in signing Matheus Cunha
Chelsea loanee Raheem Sterling is also due for a spell on the sidelines after picking up a knee problem.
According to The Telegraph, Arsenal are considering a January swoop for Wolves' Cunha.
But the North Londoners - who are pushing Liverpool in the Premier League titles race - were interested in the Brazilian before Saka's injury.
In fact, Cunha is believed to have been on their radar over the last three seasons.
The forward - who scored direct from a corner in the Boxing Day 2-0 win over Manchester United - arrived from Atletico Madrid two years ago and eventually signed permanently for £44million in 2023.
In his only full season in the Premier League he scored 14 goals in all competitions and this season has continued to impress, with ten goals in all competitions.
Wolves are facing a relegation battle and will be reluctant to let one of their top stars leave in the winter window.
Cunha has two seasons left on his current deal and the club want him to commit his future for longer.
He previously spent time at Red Bull Leipzig and Hertha Berlin in Germany after beginning his career in Switzerland with Sion.
Cunha made it nine goals in 17 Prem games after helping Wolves to the 2-0 victory over Man Utd.
And manager Vitor Pereira said: "He's very important. Very important. His standard is a high level player.
"We need high level players, we need him. I hope he can help us every game. He is a good boy, a good person and he is also a leader inside the team."
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