The Brazil international recently left the Italian side to join West Ham for an estimated €40m, and according to reports from Corriere Dello Sport (via Calciomercato), they want to replace the winger with Perez and partner him alongside last season's top scorer Ciro Immobile.
Signing for £17.1m in 2016, the 29-year-old has struggled to make an impact in north London, scoring seven goals in 21 appearances during the 2016/17 season.
As a result, the Spaniard was on loan to former club Deportivo de La Coruña for the 2017/18 campaign, registering eight goals and six assists in La Liga, before returning to his parent club.
Despite his recent struggles of late, the forward proved in the season prior to his move to Arsenal that he does possess attacking talent, with his 17 league goals and ten assists for Deportivo in 2015/16 earning Perez his move to the Premier League.
While Perez has appeared to be on the periphery of Arsenal's first team during his time at the club, new manager and fellow Spaniard Unai Emery could be willing to give him an opportunity to impress, having included Perez in his squad for the pre-season tour of Singapore.
During preparations ahead of the new season, Arsenal will face Lazio in August, which could give the two clubs the chance to discuss a potential deal for Perez, although should he perform well between now and the season opener, Emery may well think against selling his compatriot.