The report reveals that Serie A sides Inter Milan and Sampdoria are also interested in the Argentinian. But Arsenal's interest is allegedly concrete and the Gunners have offered £10.5 million to acquire his services before the start of next season.
Arsenal desperately need reinforcements in central defence after a dismal campaign at the back. The Gunners conceded 51 goals in the Premier League this term - the worst record among the top five.
Rob Holding's injury early on in the season and Shkodran Mustafi's poor form cost Arsenal a place in the top four.
The German's performances this season could see him sold in the summer, with AC Milan reportedly keen.
This would massively increase Arsenal's need for a new centre-half but is Kannemann the player they should be looking at?
Kannemann has undoubtedly had an impressive season with Gremio but, at 28, he will only add to Arsenal's current set of problems.
The Gunners already have two ageing defenders in Laurent Koscielny and Sokratis Papastathopoulos and, if anything, they should target someone in their mid-twenties who has considerable experience in Europe.
The Argentinian will find it hard to settle into the pace of the Premier League and the one thing Arsenal cannot afford at this stage is to go give him the time to help him settle.
Kannemann will definitely be a downgrade on Mustafi and Unai Emery should reconsider his decision to sign him in the summer.
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