The Premier League side are reportedly interested in signing the 19-year-old, who was part of his country's Copa America squad.
The Sun reports that Leicester City's Jamie Vardy turned down the chance to join the Gunners, while the Mirror previously stated that Lyon talisman Alexandre Lacazette was on the club's radar. But it appears that they are also contemplating going after a more unproven name.
Jamie Vardy rejected a move to Arsenal
ESPN Brazil claims that the 19-year-old's representatives have been contacted about a potential move to the Emirates, however they also state that there is a £25m bid on the table from Serie A side Fiorentina.
Gabriel - nicknamed 'Gabigol' due to his ability to find the back of the net - has scored 22 times in 78 league appearances since making his debut in 2013.
The Gunners remain interested in Alexandre Lacazette, according to reports
And while that strike-rate may not suggest that he could be the kind of forward that could lead the club to Premier League title glory, his goals to game ratio has improved each season, and saw earn him a place in Brazil's squad for the recent Copa America.
And as well as scoring his first international goal in a pre-tournament friendly, he also scored in the 7-1 group stage win over Haiti, but was unable to save Dunga's men from failing to reach the knockout stages of the competition.
But with his goalscoring record for club and country over the last couple of years being especially impressive given his age, it appears that he has a huge amount of potential that could make him an excellent signing for the Gunners if they manage to complete a deal.