Arsenal chiefs, including manager Mikel Arteta, have been in LA over the past week for strategy meetings, including finding a replacement for Edu.
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Sky Sports says among the names being discussed is Campos.
The Portuguese currently works as a transfers advisor for PSG, having built AS Monaco's title winning team two years ago. He has also worked with Real Madrid and acted as a consultant to Celta Vigo last season.
Campos' deal with PSG expires in June.