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The Gunners have long been expected to beat Liverpool to the Spaniard, having watched him turn down a move to Anfield last year.
However, Liverpool could still get revenge with several deals over the coming months.
Express Sport looks at five players who may reject Arsenal in favour of the Premier League champions.
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Hugo Ekitike
Ekitike’s stock has grown this season and he seems set for a move to one of Europe’s biggest clubs.
Arsenal and Liverpool are expected to sign centre-forwards when the transfer window reopens, and the young Frenchman is reportedly on both clubs’ radars.
With Alexander Isak unlikely to leave Newcastle if they secure Champions League football, Ekitike is the ideal alternative in terms of his playing style.
The Reds will be keen to beat the competition for the 20-year-old’s signature.
Antoine Semenyo
Arsenal seem likelier than Liverpool to sign a winger this summer.
Liverpool would surely love to beat Arsenal to signing the 25-year-old.
Malick Fofana
Both teams have also been linked with exciting Lille prospect Fofana.
He would be an excellent addition for Arsenal or Liverpool, but the Reds may view him as a long-term replacement for Mohamed Salah.
Eberechi Eze
Eze’s future is one to watch out for this summer.
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