Guedes, 21, joined PSG for a fee of around £26million in January, but the winger only made 13 first-team appearances before being sent on loan to Valencia for the 2017/18 campaign.
The Daily Mail claim the Gunners are hopeful of landing Guedes at the end of the season as PSG are under pressure from UEFA to balance the books following the high-profile summer arrivals of Neymar and Kylian Mbappe.
Guedes has scored three goals in 11 La Liga appearances for Valencia this term as the club sit second in the table behind Barcelona.
Guedes was heavily linked with a transfer to Manchester United before he completed a move to Paris last January.
Arsenal’s newly-appointed director of football, Raul Sanllehi, is expected to play a major role in bringing reinforcements to the Emirates ahead of the 2018/19 campaign.
Thomas Lemar remains firmly on Arsenal’s radar, but the north London giants will not match the £90m bid they made for the Monaco star in the summer.
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