The Swedish international enjoyed an impressive two-and-a-half-year stint at Championship side Coventry City before securing a move to Sporting Lisbon in a deal worth around £20m.
Gyokeres has been on the radar of several big clubs across Europe this summer after a sensational first season in the Primeira Liga.
In 50 matches across all competitions last season, the 26-year-old found the back of the net 43 times while providing 12 assists.
The Gunners, who have been actively looking for a new centre-forward, have been rumoured to be the frontrunners for the Sporting striker, but a report this weekend suggests that they may face stiff competition to secure the Swede's signature.
Liverpool, Spurs enter race to sign Arsenal target?
Spurs and Liverpool planning Gyokeres hijack?
According to Football Insider, Ange Postecoglou's side have entered the race for the 26-year-old as Spurs look to bolster their attack ahead of the new season.
Following Harry Kane's move to Bayern Munich last summer, the Lilywhites have not yet found a direct replacement for him as a dedicated number nine, with Heung-min Son and Richarlison primarily filling that role throughout most of last season.
The report also states that Liverpool and Chelsea are both interested in the striker, who is expected to cost around £86m.
Despite the new developments, Gyokeres is still very much on the Gunners' radar and it is understood that Mikel Arteta's side are planning to test the water with a bid of around £55m for the attacker in the coming days.
Arsenal's current attacking duo of Gabriel Jesus and Eddie Nketiah only managed a combined total of nine goals last season, and the latter has been linked with an exit from the Emirates Stadium this summer.
Quiet summer expected at the Emirates?
The Gunners have had a fairly quiet transfer window so far, with their only confirmed piece of business being the permanent signing of David Raya from Brentford.
Reports suggest that Bologna defender Riccardo Calafiori is likely to be the next done deal with the Italian believed to be completing his medical in London this weekend.
While Arsenal fans will be hoping for more arrivals before the transfer window slams shut, Arteta emphasized that his primary focus is on developing his current squad of players.
In an interview before their pre-season match against Manchester United in the United States, the Arsenal boss said: "The full focus is on trying to improve these guys and get the best out of them consistently so they can perform every three days at the level that we want. We know that we have certain parts in the squad that we would like to improve, but that is dictated by the market.
"At the moment we already have a great squad, and and we are giving the opportunity for our young players from the academy to be with us and it's a joy to have them on tour with us."
The Gunners will face the Red Devils in the early hours of Sunday morning and Liverpool on Thursday before returning to England.
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