The Gunners have benefited from the services of Martin Odegaard, who joined them on loan from Real Madrid during the winter transfer window.
However, it is unclear whether they can sign him on a permanent deal later this year, and the club are likely to look at alternative options.
Real Betis’ Nabil Fekir is known as a potential target, and it is now reported that Goncalves is another player who has caught their attention.
Goncalves has had a superb campaign with Sporting in the Primeira Liga, where they are 10 points clear of Porto at the top of the table.
The 22-year-old bagged seven goals and eight assists from 40 appearances in a central midfield role last term. He has played higher up the field this campaign.
The Portuguese has featured as an attacking midfielder or on the right wing, registering 15 goals and five assists from just 27 outings.
He currently has a buy-out clause worth £51.7 million in his contract, and Sporting are likely to hold out for the sum after Bruno Fernandes’ success.
Fernandes made the switch to Manchester United in January last year, and he has been a huge hit with 35 goals and 21 assists from just 67 games.
The Gunners will prioritise a move for Odegaard this summer, but Goncalves could be a quality alternative if they cannot re-sign the Norwegian.
Stats from Transfermarkt.com
Source: English Premier League – Sportslens.com