The Gunners have previously made contact with Corinthians and the player's representatives but stopped short of making a formal offer for the 21-year-old.
That could now change, with Juventus also monitoring Bidon's situation.
Corinthians are understood to want at least €25m (£21.7m) before opening serious negotiations, while Arsenal are considering going above that figure to move ahead of their competition.
Bidon has also developed a useful connection with Arsenal midfielder Bruno Guimarães after the pair spent time together with Brazil.
The Corinthians midfielder recently revealed his admiration for Guimarães and spoke positively about his mentality, giving Arsenal an obvious connection should they decide to step up their interest.
Bidon's value has also increased following his first senior Brazil call-up.
He has made 30 Brasileirão appearances this year, scoring twice, and has established himself as one of Fernando Diniz's key players.
Corinthians are understood to welcome the increased attention given their financial situation, although they have not yet received an official proposal from either Arsenal or Juventus.
There was also interest from Besiktas during the previous transfer window. The Turkish club considered a package worth €18m, including €12m up front and a further €6m in instalments, but the proposal never became a formal offer.
An Arsenal bid above €25m would therefore represent a significant increase on what Corinthians could have accepted previously.
For now, however, the London club are only considering their next move rather than having a proposal on the table.
Bidon's public admiration for Guimarães could nevertheless prove useful if Arsenal decide to turn several months of monitoring into a formal pursuit.