The Gunners have signed only one player so far this transfer window, goalkeeper Petr Cech, and have always looked likely to dip into the market again.
Arsene Wenger is famous for moving late, and could launch a final day pursuit for one of or both of the French club's stars according to the Daily Mail.
It has been reported than Wenger is still interested in both, however it would require a sensational offer to prise away Cavani this close to the window closing, especially given the Uruguayan's quality start to the season.
A move for defensive midfielder Rabiot looks far more likely to eventuate.
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!