That is according to Goal Brazil, who claim Henrique’s agent Kia Joorabchian is keen to find the young striker a new club in January.
The Gunners are believed to be just one of several European clubs tracking Henrique.
Arsene Wenger considers Henrique as a signing for the future but is also keen to provide cover to strikers Olivier Giroud and Theo Walcott when the transfer window reopens.
Despite being just 17 years old, Henrique broke into the Botafogo first team earlier this season, scoring a brace on his senior debut.
His impressive form in Serie B, four goals in 14 outings, has led to a Brazil call-up for the Under-17 World Cup in Chile later this month.
The forward is contracted at Botafogo until May 2017, where he has a £10.5million release clause built into his contract.