The 21-year-old Englishman scored his first MLS goal on Wednesday night to help the Timbers secure a 1-1 draw at the New England Revolution.
The Southampton boss is reportedly ahead of Diego Simeone and Laurent Blanc in the Gunners' thinking.
Watford's form has taken a nose-dive since December, and Quique Sanchez Flores' job is rumoured to be under threat.
Sheffield Wednesday are still battling to confirm their play off spot.
The youngster has turned things around at the club after two years out on loan.
Wolverhampton Wanderers boss Kenny Jackett has come under pressure throughout the season so far.
Nasser El Khayati has made just two starts for Queens Park Rangers so far.
Aston Villa are looking to appoint a manager to take over from Eric Black for next season.
Gary Hooper has played for Sheffield Wednesday and Norwich City since leaving Celtic back in 2013.
West Ham United are currently eight points away from the Champions League qualification places in the Premier League.
The former Magpies striker discusses goings on at St James' Park with HITC Sport.
Middlesbrough and Queens Park Rangers will face other at the Riverside Stadium in the Championship this evening.
Lovren is in line for a return to the Liverpool starting XI this weekend when they take on Manchester City.