The Gunners are understood to be at an early stage of assessment, with Brazilian outlet Radar da Bola — an outlet with a reliable track record on Rio de Janeiro clubs — reporting their interest.
The level of scrutiny is described as monitoring rather than active pursuit, but Arsenal's emergence adds further credibility to a situation that has developed quickly since the turn of the year.
West Ham United were among the first to register interest, internally valuing Araújo at around €12 million earlier this year. Newcastle United subsequently entered the picture with representatives attending his performances. A Bundesliga club — understood to be Bayer Leverkusen — are now reported to be preparing a formal proposal in the region of €20 million.
Flamengo, however, are in no rush to sell. The club's internal position is that Araújo still has significant room to appreciate in the European market. Head coach Leonardo Jardim has made the 23-year-old a regular starter — he began six of Jardim's first twelve matches in charge — and the technical staff consider him too valuable to lose mid-cycle. Earlier this season, the club turned down a €5 million proposal from Brazilian rivals Grêmio.
The release clause for overseas clubs is set at €200 million, a figure designed to insulate against any unsolicited advance. Flamengo's stated minimum for any negotiation sits above €20 million, meaning current European proposals are only reaching the floor of their expectations, not the ceiling.
Araújo's contract runs until December 2028, giving Flamengo full leverage. He has played 12 senior matches this season and also appeared in the Copa Libertadores as Flamengo sit second in the Campeonato Brasileiro.