The German tabloid claims that the Gunners are looking to strengthen their options in defence and midfield.
However, due to pressures related to Financial Fair Play, they won’t be able to make their moves for Pacho and Larsson until the end of the season.
Bild report that the pair are on the list of transfer targets that sporting director Edu and manager Mikel Arteta want to pursue this summer.
Frankfurt have slapped sky-high price tags on both Pacho and Larsson
The two players won’t be let go on the cheap, with Pacho’s asking price said to be €60m (£51m), while Larsson is expected to be even more expensive at €80m (£68m).
Whether Arsenal are prepared to meet the valuations and pay the £119m required to bring them in, we shall have to wait and see.
What do Arsenal fans need to know about Pacho and Larsson?
Pacho is a centre-back by trade and an Ecuadorian international. At 22 years of age, he has the potential to improve in the future and he is suitably tall for the Premier League at 6ft 1.
The defender does lack some experience, though. He only moved to Europe at the start of 2022, while he has spent the last six months in Germany with Frankfurt.
Larsson, meanwhile, is even younger at 19. The Swedish international came through Malmo’s youth academy, making 61 senior appearances before joining Frankfurt last summer.
The teenager is a holding midfielder by trade, although he can play in more advanced positions. It is believed he would be targeted as a potential replacement for Jorginho. The Italian’s contract at the Emirates expires at the end of the season and there is currently no indication that he will be given an extension.