The Premier League side are hopeful of getting their hands on Cook this month.
The Romanian has left the club for Watford.
The Gunners have already signed Mohamed Elneny from FC Basel.
A selection of the latest stories in the media involving Liverpool Football Club this Wednesday morning.
The Magpies are reportedly interested in signing the striker for a club record £18 million, but is he the right choice?
Morton manager Jim Duffy has hailed Ranger's attacking options - and believes Michael O'Halloran would only improve them.
West Ham are reportedly looking to sign Demba Ba or Alexandre Pato.
Leeds are reportedly weighing up another move Charlton Athletic's Tony Watt.
Everton are reportedly keen on Swansea's Jefferson Montero, but aren't willing to match Watford's £10m bid.
Liverpool host League Two Exeter in the FA Cup this evening.