The Gunners are understood to be in the market for a winger following the departure of Nicolas Pepe on loan to Ligue 1 side OGC Nice.
They have been linked to Wolverhampton Wanderers forward Pedro Neto and Shakhtar's 21-year-old winger Mudryk.
Wolves have set an asking price of nearly €60 million for the Portuguese winger and are also reluctant to sell him, according to The Sun.
Naturally, Gunners boss Mikel Arteta has turned to the other name on the list, which is Mudryk.
However, it will not be easy to lure the Ukrainian either as Shakhtar is ready to play hardball in the negotiations. TuttoJuve journalist Mirko Di Natale reported that the Ukrainian club have set an asking price of €50 million for the Arsenal target.
With just under two days left in the conclusion of the summer transfer window, it is clear that Shakhtar wants to make the most of selling Mudryk. However, the Gunners have nearly spent £120 million in the market already and are wary of overpaying for any of their targets.
The Ukrainian has only made 28 appearances for Shakhtar's first team till date and played the entire 90 minutes on only four occasions. Still, he has managed to make the most of his opportunities and has impressed with two goals and 10 assists.
Mudryk gives his nod to Arsenal move with Instagram activity
The winger is understood to be aware of his links with a potential move to the Emirates.
He also came across an Instagram post that had an image of the Shakhtar winger in a Gunners home shirt. The caption mentioned that Everton's bid of €30 million had already been rejected and Arsenal were pushing for a move.
The post caught the eye of Football.London, who reported that Mudryk had liked the post himself.
This is being seen as the winger's approval for a transfer to the Emirates, however, the €50 million price set by Shakhtar could be a problem. The aforementioned IG post also suggested that the Gunners are only willing to go as far as €35 million to get the deal across the line for the winger.