A move for Barcola would significantly strengthen Arsenal's options on the left flank. The France international would provide competition for Gabriel Martinelli and Leandro Trossard as Arteta looks to build a more competitive squad ahead of the new season.
Arsenal's interest in Aston Villa star Morgan Rogers also remains active, with the possibility of the club pursuing both players during the same window.
PSG are monitoring several attacking targets of their own, including Atletico Madrid striker Julian Alvarez and Rogers. The overlap in recruitment plans could create a complex transfer market situation between the clubs involved.