The 30-year-old striker has enjoyed an impressive start to the 2022-23 campaign, contributing seven goals in just 12 appearances across all competitions so far.
He was linked with a move away from the Primeira Liga club during the summer transfer window, with a number of English clubs among those to be credited with an interest.
Chelsea are continuing to keep tabs on the Iranian, having sent scouts to watch him in action this month.
According to the Portuguese outlet A Bola, Arsenal have joined their league rivals in the race for his signature and could try to push through a deal at the midway point of the campaign.
The report adds that Porto would be open to negotiating a deal for Taremi, who is contracted to the club until 2024.