Arsenal and Tottenham are said to be on alert as Brazilian club Corinthians admitted that they may sell Alexandre Pato.
The out-of-form striker has struggled since leaving AC Milan in January.
The Brazil international was one of the most coveted young players in world football until he became prone to muscular injuries.
"Considering his value, I think it's hard that he moves to another Brazilian club," said Corinthians director Roberto de Andrade.
"If those two clubs [Arsenal and Tottenham] are interested in Pato, we don't rule out selling him in the winter transfer market."
Pato has admitted that Tottenham tried to sign him during the summer window, although he elected to stay in Brazil with a World Cup on home soil just months away.
Arsenal are also likely to attempt to bring in a new striker to provide backup for Olivier Giroud in January as the disappointing Nicklas Bendtner is the current understudy.