The Gunners are rumoured to be ready to activate the 21-year-old's release clause, which is said to be valued at €37 million.
Should Pavon be able to help Boca to Libertadores glory they would be happy to cash in on the talented wideman, but there remains the possibility that performing in some of South America's highest-pressure knockout games could attract competition for his signature.
Pavon has been with Boca Juniors since joining the club in 2014 and has been impressing this season with 3 goals and 6 assists in his 12 appearances while he's also broken in to the Argentinean national team squad.
Arsenal's interest in the Argentinean forward was revealed by The Independent earlier this week, with Pavón eyed as a long-term replacement for Alexis Sanchez due to their similar playing styles.
At 21 and having never experienced European football, Pavon would represent a risk.
Stylistically, though, the Arsenal transfer target has all the tools to fill any Sanchez-shaped hole in the Gunners' starting line-up.
The youngster is predominantly a right winger but is also capable of playing on the left and he sounds like he would certainly be an exciting player for the future.
How much will Pavon cost?
According to the Independent, rather than looking to sign Pavon in January, Arsenal are considering a summer deal.
However, when asked about the rumours, Boca president Daniel Angelici stated: 'For the moment, we have not received any proposal, formally or informally.
"But I know very well what I said to Cristian when we renewed his contract".
Pavon is on a contract until 2022.