The England international and the Real Sociedad man have been identified as ideal replacements for Pierre-Emerick Aubameyang and Alexandre Lacazette.
The Athletic report that Arsenal will consider alternative options if they fail to secure the signing of Fiorentina striker Dusan Vlahovic, who now seems set to join Juventus.
Calvert-Lewin has been a hit at Goodison Park since breaking into the first-team but will want to be challenging in the top-half of the table and he could do this with the Gunners.
A move to the north Londoners would also increase his chances of earning a place in Gareth Southgate's England squad for this year's World Cup.
And Arsenal do not appear to be discouraged by the £60million fee being mooted for the 24-year-old.
Everton, though, are unlikely to want to do business as they are currently without a manager after sacking Rafa Benitez.
Another option for Arsenal, and perhaps a more straight-forward deal to get done, is Isak.
The Swedish starlet has a release clause, rumoured to be around £75m.
But his club Real Sociedad are challenging for Champions League qualification in LaLiga so may, like Everton, be unwilling to sell.
In the event of all three being unavailable, there is still a chance other deals could be done with Real Madrid's Serbian forward Luka Jovic a loan option.