Gunners linked with Serie A wide-man.
Arsenal and Atletico Madrid are being tipped to compete for the signing of Napoli winger Jose Callejon this January, according to Fichajes.net.
The Spanish international has been in superb form for the Italian side since he moved to the club from Real Madrid last summer, though he may now be offloaded due to their financial problems.
Arsenal are on alert for the prolific winger, who was also linked with a move to Chelsea during the summer after his fine form attracted the interest of top clubs.
At £16m, Callejon would no doubt be a bargain for the Gunners, who could do with more options in attack to cover for the injury-prone Theo Walcott.