Arsenal have had a £55 million ($73m) offer for Bruno Guimarães rejected by Newcastle United, sources have told ESPN Brasil.
The Gunners have held preliminary discussions with the player's representatives and been encouraged to believe a deal could be possible.
Sources suggest Newcastle are currently insistent they will not part with Guimarães.
Newcastle are hoping to tie Guimarães down to a new deal given his existing contract has two years left to run.
Guimarães has made more than 150 appearances for Newcastle since signing from Lyon in 2022.
Arsenal are keen on bolstering their midfield -- one of a number of positions -- after winning their first Premier League title in 22 years. They are monitoring Sandro Tonali's situation at Newcastle, although Tottenham are currently more active in pursuing a transfer while Manchester City are also in the frame.
Newcastle are under pressure to keep their squad together after losing Anthony Gordon to Barcelona while several other players attract interest.
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The Gunners are also tracking Morgan Rogers at Aston Villa while ESPN reported back in January that they are interested in signing Julián Álvarez from Atletico Madrid.
Information from ESPN's James Olley contributed to this report.