Arsenal are hoping to sign Pedro Neto from Wolves before the transfer window closes on September 1, according to reports.
The Gunners got most of their summer business done early, bringing in Gabriel Jesus, Fabio Vieira, Oleksandr Zinchenko, Marquinhos and Matt Turner before the 2022/23 season began at the start of this month.
But manager Mikel Arteta has publicly voiced his desire to bring in at least one more player before the market shuts.
Asked if Arsenal's strong start to the season had altered his transfer plans, Arteta replied: "No, it does not change.
"We know as well where we are short, where we have to add more firepower. And if we can do it, we will do it."
According to The Athletic, Neto is at the top of Arteta's wish list as he seeks to add more firepower to the Arsenal attack.
Indirect discussions have been going on for a month, with Arsenal talking to Neto's representative Jorge Mendes.
The Portuguese agent has in turn held talks with Wolves, a club with whom he has a strong and established relationship.
However, Wolves do not intend to sell Neto this summer and the fact he is under contract at Molineux until 2027 strengthens their hand in negotiations.
The deal is further complicated by Arsenal's inability to spend big money on the Portugal international due to financial fair play constraints.
However, Arsenal are hoping to free up space in the wage bill by loaning Nicolas Pepe, their club-record signing, to Ligue 1 outfit Nice.
That could facilitate a swoop for Neto, who started Wolves' 1-0 defeat by Tottenham at the weekend.
The Gunners are the only Premier League team with a 100 per cent winning record at the start of this season following their 3-0 triumph over Bournemouth.
Arteta's side will return to action against Fulham in the late kick-off on Saturday.
