The Gunners have frequently turned to the Argentine market in recent seasons, and a fresh report indicates Aranda is now firmly on their list of targets, although no formal approach has yet been made.
According to El Intransigente, Arsenal have been tracking Aranda's development closely following his performances for Boca during the first half of 2026.
The report suggests the north London club are proceeding cautiously, preferring to continue assessing the youngster before committing to any move.
Aranda made his senior debut for Boca on 28 January this year and has since rapidly established himself as one of the club's most promising young talents, playing his football at La Bombonera for one of Argentina's most decorated and demanding institutions.
He has featured 21 times in competitive fixtures across the Argentine Apertura and Copa Argentina this season.
His output includes one goal, scored against Instituto, along with two assists — modest numbers, but ones that belie his growing importance to the side as a creative influence in midfield.
Arsenal are far from the only club keeping tabs on the youngster, with Serie A pair Parma and Como also credited with interest in recent months.
Argentine journalist Leandro Aguilera has previously reported that a number of European scouts have travelled to watch Aranda play in person, while Manchester City were also linked with the midfielder earlier this year.
Boca, keen to protect one of their prized academy products, have inserted a release clause of €17m (£15m) into his contract.
President Juan Roman Riquelme, himself a former Boca playmaker before spells at Barcelona and Villarreal, and the club's board are understood to have no appetite for negotiating below that figure, meaning any club hoping to sign Aranda will need to meet his valuation in full.