Arsenal reportedly sent scouts to watch Ivan Toney and Pedro Neto in Brentford's 2-0 win over Wolverhampton Wanderers on Saturday.
The Gunners did not make a single signing in the January transfer window, which proved to be a quiet one for a number of Premier League clubs.
Although they did not bring in any reinforcements in the winter, Arsenal are scouring the market for potential new additions ahead of the 2024-25 campaign.
According to HITC, Arsenal sent scouts to watch Brentford's Toney and Wolves' Neto face off in Saturday's fixture at Molineux.
The Arsenal representatives saw Toney score Brentford's second goal to help his team secure a 2-0 victory over Gary O'Neil's side.
The England international has now scored three goals in four appearances since returning from an eight-month betting ban last month.
Toney was linked with a move to Arsenal during the recent January transfer window, but he ultimately remained a Brentford player when the market closed on February 1.
While he is set to see out the current campaign with the Bees, Toney's long-term future at the club is shrouded in uncertainty.
Neto, meanwhile, started as a centre-forward in Saturday's clash with Brentford, but he was unable to add to the three competitive goals that he has scored this season.
The Portugal international, who usually plays as a winger, has been one of Wolves' main creative outlets this season, having provided 10 assists in 18 competitive matches this term.
Wolves are under no immediate pressure to sanction a sale, with Neto's current contract set to run until the summer of 2027.