The Gunners are on the hunt for a defensive midfielder this summer and have already shown an interest in Southampton's Morgan Schneiderlin and Real Madrid's Sami Khedira.
However, Arsenal boss Arsene Wenger is now reportedly making a move for Sporting's Carvalho.
The 22-year-old enjoyed a breakthrough campaign last season, becoming a regular for Sporting and making his international debut. His displays attracted firm interest from Manchester United.
Carvalho's release clause is said to be around £35m, but Arsenal are hoping that the offer of £24m, in one single payment, will persuade Sporting to part with their star midfielder.
