Porto has reportedly told Arsenal that a €40 m (£ 36 m) bid will entail signing midfielder, Danilo Pereira.
Portuguese international published a come-and-get-me appeal of sorts earlier this week revealing that he is a big fan of Arsenal boss Mikel Arteta.
Pereira, who has also been linked recently to a move to Manchester United, has been in Porto since 2015 and has been under contract for two years.
There has been talking of the 28-year-old having a £54 million release clause in the nation, but the Portuguese publication Jornal de Noticias says he is liable for nearly £ 20 million less.
Arteta is suspected to find a holding midfielder in the Pereira mold to either substitute or fight for Matteo Guendouzi, Lucas Torreira, and Granit Xhaka.