The Catalan newspaper reports that the Gunners are willing to “go crazy to sign” the Nigerian international, with fellow Premier League teams West Ham and Everton also keen on the forward.
Chukwueze has been in great form over the past few months and he has now racked up 13 goals and laid on 11 assists in 41 appearances this season.
However, talks between the 23-year-old and Villarreal over a new contract have stalled and, with the pacey winger closing on the final year of his contract at the Estadi de la Ceramica, he could be offloaded this summer.
Although Chukwueze does reportedly have an €80m (£71m) release clause, the Yellow Submarine are unlikely to be able to hold out for that figure, considering his situation.
It should be noted that Chukwueze is a right winger and left footed so he would likely be brought in as direct competition for Bukayo Saka.