The winger has been at Major League Soccer club Orlando City since January following his big £7.8million move from Uruguay.
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Reports on Monday had suggested a meeting with technical director Edu and Torres' agent Edgardo Lasalvia had been set up.
Now, the MLS star's agent has confirmed the Premier League leaders have approached him to begin discussions over signing the youngster.
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ESPN say Lasalvia has told them talks are to be held imminently with Gunners scout Toni Lima, though was keen to point out 'there is nothing advanced', merely that interest exists.
Lima specialises in South American talent like Torres, having previously help scout Neymar and Philippe Coutinho.
It has been claimed the Gunners are eyeing up a January swoop for the starlet following his impressive first season in America.
Arteta's side are also said to have been tracking the forward since he scored against them in Arsenal's 3-1 pre-season victory in July.
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Torres would certainly fit the mould for Arsenal's squad, given the youthful squad Arteta has rebuilt.
It's understood Torres had been identified as being able to provide competition for Bukayo Saka on the right wing, with the youngster risking being overplayed.
The young Uruguayan has thrived at Orlando City and has scored nine goals and recorded 10 assists in his debut season.