Gunners boss Arsene Wenger is understood to still be keen to bolster his attack after seemingly missing out on Real Madrid striker Karim Benzema.
Both Cavani and Lavezzi have been linked with moves to the Emirates after it was reported Cavani’s relationship with PSG boss Laurent Blanc was on the rocks, while Lavezzi has struggled for first-team action with the Ligue 1 giants.
According to Eurosport, Lavezzi has been offered to a number of Premier League clubs including Arsenal, Tottenham and West Ham United and could become available for £8.5m.
Cavani has grown frustrated after being played out of position by Blanc, and it is understood a bid of £35m could be enough to tempt the French club to allow the Uruguayan ace to leave.
PSG completed the £44m signing of Manchester United winger Angel di Maria this summer, meaning both Cavani and Lavezzi will have dropped down the pecking order at the Parc de Princes.