The 21-year-old forward is pivotal in Boca Juniors ongoing Copa Libertadores campaign and won’t be allowed to leave the club this January.
However, the Argentinean club are open to offers and would consider a sale if the winger were loaned back to them until next summer.
Pavon made his international debut against Russia last year, after appearing for the Argentina Olympic squad.
At 5’6″ tall, his style is reminiscent of 29-year-old Alexis and the Gunners identified his explosive, all-action game as a vital requirement for any new signing. Juventus and Manchester City are also looking at the striker, but Arsenal, it’s claimed, are in pole position having completed all their scouting on the player.
Boca are ready to accept offers of more than £20m with bonuses although they hope interest in the forward will be generated by good performances in the latter stages of the Libertadores.
His arrival next summer would mean it unlikely that the Gunners would sell Alexis to Manchester City this summer. City are reported to be keen to make that deal happen with Pep Guardiola concerned that his squad is not deep enough to challenge for a record-breaking quadruple.