Mundo Deportvio says the Gunners are competing with Barcelona for the 19 year-old.
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Palmeiras are demanding €15m to sell Benedetti.
Barcelona are reportedly ready to offer €12m to sign the centre-back.
The Spanish giants consider Benedetti as a possible replacement for Iñigo Martínez, who left for Al Nassr earlier this summer.
Also interested are Arsenal, which are in the market for a young centre-back after offloading Jakub Kiwior to Porto.