Manager Mikel Arteta is seeking additional fire power, especially after the struggles experienced by forward Pierre-Emerick Aubameyang this season.
According to Traspasos in Uruguay, Nunez is emerging as the latest goalscorer the club will target in January or the summer.
The 22-year-old has 11 goals and two assists for Benfica this term, and is valued at roughly £34 million.
A January transfer seems unlikely, unless Arsenal can raise funds through selling forward Alexandre Lacazette and other fringe players.
Manchester City and Barcelona have also been linked with Nunez in recent months.
Source: Tribalfootball
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