New Gunners boss, Mikel Arteta, is looking to sign a centre-back and the club are willing to meet the £50million price tag for Upamecano.
“We need players back from injuries, first of all, to be more solid, more compact.
“And then we might need to do one or two things if the right players become available, to help us.
“But at the moment I am more concerned with getting the maximum out of the players available to us,” Arteta said last week.
However, the Spaniard would have to go up against Tottenham Hotspur for the French defender, as Jose Mourinho is also a big fan.
Mourinho who took over Mauricio Pochettino this month, is not happy with his options at the back and will be in the market when the transfer window opens.