Fresneda has been turning heads with his performances in La Liga for Real Valladolid, being complimented for his mature displays.
The 18-year-old right-back is wanted in this month’s window and his agents were recently in London to hold talks with Premier League clubs.
Newcastle are admirers of Fresneda and a young right-back is wanted by Eddie Howe, but they look set to have to face serious competition from Arsenal.
Arteta is claimed to be hugely keen for Arsenal to win the race for his countryman.
Arsenal have already brought in Leandro Trossard from Brighton and are moving to complete the capture of Spezia defender Jakub Kiwior.
The spending is not ending though and Arteta wants to see 18-year-old Fresneda arrive in north London.
Wolves have also been showing interest in the Spanish full-back, but it is suggested they see him more as a summer arrival.
