The Gunners’ first full season under Mikel Arteta saw them finish the Premier League campaign in eighth, and they are now gearing up for a season without any European football.
Despite an underwhelming season, Arsenal have continued to back the Spaniard, kicking on with their rebuilding process and are keen on roping in a new director of football.
And according to French radio station RMC, Arsenal are in talks with former Lille sporting director Campos.
However, the Portuguese is also wanted by Spanish giants Real Madrid, who have entered a new era having appointed Carlo Ancelotti as their new coach earlier this week.
Campos is continuing negotiations with both Los Blancos and Arsenal but he is also keeping his options alive and have an eye out on developments at other clubs across Europe.
The 56-year-old previously worked as a scout for Real Madrid for one season and then had administrative roles at Ligue 1 outfits Monaco and Lille.
Campos is yet to work at a Premier League side and it remains to be seen whether Arsenal get a deal over the line despite interest from elsewhere.