Unai Emery is considering signing Hector Herrera or Miguel Almiron to replace Aaron Ramsey, reports say.
Arsenal look set to lose Ramsey either in January or next summer, after Emery instructed the club to stop contract talks with the Welshman.
Ramsey is reportedly being targeted by Liverpool and Manchester United and could leave in January as Arsenal aim to cash in before his deal expires in the summer.
The departure of Ramsey would leave a big hole in Arsenals side, one Emery is keen to fill as quickly as possible.
The Evening Standard claim Porto star Herrera and MLS midfielder Almiron are two names on Emerys shortlist.
Almiron has already been heavily linked with a switch to Arsenal with some reports claiming the deal has already been agreed and will go through in January.
Herrera is Portos captain and regularly features in the Mexico international side, playing every minute of their World Cup run last summer.
The 28-year-old would be a direct replacement for Ramsey as a forward thinking midfielder, but would not be the marquee signing Arsenal fans would be hoping for should Ramsey exit.
Ramsey reminded Arsenal and Emery of his talents over the weekend, scoring a sublime backheel flick against Fulham in a 5-1 win at Craven Cottage.
The Wales international is free to speak to overseas clubs in January, but is thought to be keen on staying in England.