The Gunners see a bargain chance to bring the Spanish youngster to London.
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The 20 year-old has been likened to Barcelona star Pedri and his contract with Elche carries a knockdown £17m buyout clause.
Sky Sports says Arsenal have scouted Mendoza consistently this season, fueling talk of an imminent move for the midfielder.
Mendoza's deal with Elche runs to 2028.
