Corinthians previously said that Liverpool had a deal in place to sign Pato, while Tottenham have also been linked with a move for his signature.
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However, Arsenal has jumped into the arena to sign the 26-year-old and they are preparing an offer of £8m.
Pato has already expressed his hope to return to Europe this week by saying: "I do not know when, I hope soon."
Pato also revealed that Luois van Gaal’s Manchester United tried to rope him in on the last day of the transfer window.
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"I won't lie: two hours before the deadline I had a really good offer from Manchester United. I was expecting it, but actually only found out about it afterwards,” he said.
Meanwhile, regarding the Liverpool deal, Corinthians president Roberto de Andrade said Jurgen Klopp might be looking at a new reinforcement.
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"There is an agreement in principle with Liverpool for the transfer in the coming weeks. Pato had long expressed a desire to return to Europe,” said Roberto.
"Liverpool await, there are a few missing details, but Klopp will have a new reinforcement and for Pato the Premier League will be a new springboard."
The story was originally posted on Daily Star
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