Atletico Mineiro is ready to sell Bernard this month - for £22 million.
Arsenal boss Arsene Wenger is reported to have been keeping tabs on the Atletico Mineiro star, 20, who is also a target for Porto and Shakhtar Donetsk.
And Mineiro director Eduardo Malu said: "The president has already made very clear, if an offer of £22m arrives, he is going to sell and we will buy another player.
"If this offer did not appear, Bernard will stay at Atletico. He is young and can leave at the end of the year."