The Gunners were believed to be interested in the 23-year-old towards the start of last year, but the Brazilian made the move to the Groupama Stadium from Athletico Paranaense on a four-and-a-half-year deal.
Arsenal manager Mikel Arteta is interested in signing a new goalkeeper ahead of the new Premier League season, with current number one Bernd Leno being linked with a move away from the Emirates Stadium.
Les Gones said to be prepared to sell the 23-year-old for a fee as little as €25m due to their financial problems.
A recent report claimed that Spurs were preparing to beat the Gunners for the Frenchman’s signature in the current market.
The Gunners have been linked with an approach for the 29-year-old during the past.
However, a knee injury kept the Brazilian out for the second half of the season.
According to Le10Sport, Arsenal are willing to hold discussions with the Catalan giants as they look for a new creative playmaker.
The Gunners are keeping tabs on Locatelli’s performances at Euro 2020 ahead of a potential transfer swoop for the 23-year-old midfielder.
The report adds that the Italian international is generating interest from elite clubs across Europe, such as Manchester City, Juventus, Borussia Dortmund and Paris Saint-Germain.