The 21-year-old has been in impressive form for the Ukrainian outfit during the 2022-23 campaign, has scored seven goals and registered seven assists in 14 appearances across all competitions.
The Ukraine international also starred for the club in the group stage of the Champions League, scoring thrice and providing two assists in six appearances.
Real Madrid, Manchester City and Newcastle United are among the clubs believed to be keeping a close eye on Mudryk’s situation ahead of the mid-season transfer window.
According to the Italian journalist Fabrizio Romano, Arsenal are still firmly in the race, but the Gunners will have to “move quick” in order to secure the signature.
Mudryk, who is contracted to Shakhtar Donetsk until December 2026, has scored nine goals and registered 16 assists in 40 appearances for the club since making his debut in 2018.