The Gunners have been tracking the player who has forrmed an impressive partnership with Chelsea target Radamel Falcao.
Atletico have tried to keep player at the club by offering the forward a new deal but Lopez he has yet to put pen to paper.
If any club try to move on the player, Atletico insist they must meet the full £14.4m asking price stated in the player's buy-out clause.
Source: DSG
