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Pereira has been on loan at Nice since last transfer window and has earned sufficiently of praise for his performances.
Portuguese international, who can play at left-back or right-back, has been one of the standout performers for Nice this term, who recently head Ligue 1.
Reported per the Daily Star, Wenger is ready to land him at Emirates this month as he looks to bolster his defensive options.
The 23 year old, who is under contract with Porto until 2019, would provide health race for Hector Bellerin and Nacho Monreal.
Arsenal are short of cover in those positions though, with Kieran Gibbs and Carl Jenkinson being linked with a leave from North London.
Wenger is also said to be ready to sell Mathieu Debuchy after the French defender angered his manager with claims he blocked him joining Manchester United last transfer widow.
Debuchy, who has suffered with a hamstring wound this campaign, has managed one appearance for Arsenal this term.
Arsenal Boss had hoped to keep him on as cover for Bellerin with Jenkinson potentially going out on loan, but those plans have apparently been scrapped following Debuchy’s fallout.