The Costa Rica international is on an excellent run of form right now, scoring 16 goals in all competitions already, and this has attracted interest from the Emirates Stadium.
That is according to The Boot Room and journalist Graeme Bailey, who also says Arsenal have been "impressed" by Ugalde and his excellent performances in Russia. However, they are by no means the only Premier League giants keeping an eye on the South American, with both Man City and Chelsea also taking a liking to the 22-year-old.
It is unclear whether Arsenal are set to move forward with any attempt for Ugalde right now, but it could represent a serious opportunity for Arteta and co.
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