The Sun says the Gunners have reportedly joined Inter Milan in the race for £25million-rated Perez .
Napoli are also thought to be chasing the Spanish forward, 25, after netting a career best 12 Premier League goals this term.
Perez has been at Newcastle since 2014, but recently admitted he would be open to new opportunities.
After scoring a hat-trick against Southampton last month, Perez admitted: “In the summer there is going to be options.
“That means I have done something well. I'll be up for hearing what is coming.
“I can hear what is coming for me, what they offer for me, but it doesn't mean I am going to leave 100 per cent at the end of the season."