The young star, likened to Angel di Maria, is attracting interest from a host of European sides.
The Rosario Central youngster is being scouted by a number of European clubs after impressing for the Argentine side this season.
The Gunners are among them, recently watching the attacking midfielder in action in the 3-3 draw against Palmeiras in the Copa Libertadores clash on Wednesday.
They are not the only Premier League side interested in his signature though, with Manchester United, Chelsea and Manchester City all keeping tabs on him.
Front of the line are Paris St Germain however, with the Sun reporting they have already opened talks with Central, and an £8million fee being touted.
Roma, AC Milan, Juventus and German side Borussia Dortmund are also among those interested in the wonder kid.
Lo Celso is already drawing comparisons to Angel di Maria, and currently has one goal in 22 games since making his breakthrough last season.
The Gunners famously missed out on Di Maria in the past because of work permit issues, with him going on to become a star for Benfica, Real Madrid and now PSG.
And perhaps they will be keen to avoid a similar thing happening with this latest wonder kid by firming up their interest this summer.