Arsenal's spending power has seen them linked with another outstanding South American, young playmaker Juan Quintero.
The rumours actually originated via CaughtOffside and were published by Portuguese newspaper O Jogo on Monday who cited them as their source, and have continued to spread.
In the last hour however, Portuguese website MaisFutebol have published fresh quotes with the agent of Juan Quintero, Ricardo Calleri.
He states: "Porto never talked to negotiate Juan Quintero.
"Sure there are clubs interested, there is much interest in the player, the clubs in Spain and England, but to leave would be one willing to pay the termination clause of the club."
That release clause is a staggering €40 million, a huge increase on the €5 million Porto paid to sign him last summer.
Quintero, 21, scored four times for Porto last season, and actually played at last summer's Emirates Cup for the Portuguese side.