The Gunners previously tried to land Raphinha from Leeds before he opted to sign for Barcelona last summer, and see the winger as an ideal plan B according to reports.
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Shakhtar Donetsk and Ukraine forward Mudryk was an Arsenal target for the winter window, but their London rivals instead won the race, with the Blues agreeing a blockbuster deal worth £88million.
Arsenal boss Mikel Arteta is still keen for upgrades, though, with his side looking to bolster their Premier League title charge, a necessity which only increased after Gabriel Jesus' World Cup injury.
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Now reports in England and Italy claim Jesus' international teammate Raphinha is in their sights, with sporting director Edu contacting his agent Deco over a potential January move.
Raphinha was wanted by both Arsenal and Chelsea in the summer, but ended up swapping Leeds for Barcelona in a £55m deal, saying it was a 'dream come true since I was a kid'.
The 26-year-old has appeared regularly for the Catalan side since joining, but 10 of his 22 games have been from the bench, while he's registered three goals and five assists in all competitions.
Matters are further complicated for Barcelona who failed to make it out of their Champions League group, severely damaging the club's finances after a summer of heavy spending.
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Raphinha had previously looked like a star in England after signing for Leeds in 2020, managing 24 goals and 22 assists in 112 Premier League matches.
Those performances earned him a spot in Brazil's squad, and he later started all but one of his nation's five World Cup games.
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