While it has long been speculated that the Gunners will require at least one new striker ahead of 2022-23, the North London outfit have only resolved half of their issues regarding their current crop.
Although it has been confirmed that Alexandre Lacazette will depart on a free transfer, Arsenal are still bidding to get a long-term contract for Eddie Nketiah over the line.
A wide range of alternatives have been suggested in recent weeks, but it appears that head coach Mikel Arteta has added a new name to his shortlist.
According to Gazzetta dello Sport, Arsenal are monitoring any developments with the future of Simeone, who has just enjoyed one of the best seasons of his career.
The 26-year-old spent the campaign on loan at Hellas Verona, where he contributed 17 goals and five assists during his 35 outings in Serie A.
At a time when parent club Cagliari have been relegated from Serie A, Verona have the option to buy the versatile attacker on a permanent basis.
Simeone, who is the son of Atletico Madrid boss Diego Simeone, will allegedly be available for just £12m in the seemingly unlikely event that Verona do not take up that option.
However, should Simeone move to Stadio Marcantonio Bentegodi this summer, it creates a scenario where Verona would be able to make a quick profit.
With the Argentine still likely costing far less than other options, Arsenal may realistically pursue a deal for a player who has spent his entire career in Italy.
As it stands, a sustained pursuit for Manchester City's Gabriel Jesus appears to Arsenal's most likely objective, even if the Brazilian would cost in the region of £40m.
The 25-year-old has just 12 months remaining on his contract at a time when the Premier League champions have already added Erling Braut Haaland and Julian Alvarez to their ranks.
That said, a report emerged earlier this week that City have offered the likes of Real Madrid and Atletico Madrid the opportunity to sign the striker.
Arsenal have also been linked with bids for Atletico's Alvaro Morata and PSV Eindhoven's Cody Gakpo.