Toni Sanabria's agent claims Arsenal are closing in on a deal for the Barcelona youngster.
The 17-year-old forward is a full Paraguay international but is yet to make his debut for Barca, although he has trained with the first-team on a number of occasions.
However, his long-term future at Camp Nou has been in some doubt as talks over a new deal failed to find a solution.
A host of clubs from throughout Europe have been linked, but it is Arsenal who are now reported to be leading the chase for his signature which would cost them as little as £300,000 as Barca would only be due compensation.
His agent Raul Verdu is quoted by the Daily Mirror as saying said: "Our contacts with Arsenal are advanced and I expect a solution in the next week."