Pavon's club form was recognised past year when he was handed his senior global debut, claiming an assist in each of his two caps to date.
Since his arrival from Talleres de Cordoba, Pavon has scored 17 goals and provided 14 assists in 60 games for Boca Juniors, including three goals and six assists in 12 games in all competitions this season.
The same story suggests that Wenger wants to wrap up the deal swiftly to ensure Arsenal have a replacement for Manchester City target Alexis Sanchez.
At 21 and having never experienced European football, Pavon would represent a risk.
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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.
With his pace, dribbling and work ethic, he shares many attributes with the Manchester-bound Chilean.
How much will Pavon cost?
When asked about the rumours, Boca president Daniel Angelici stated: "For the moment, we have not received any proposal, formally or informally". "When we signed the new contract [last summer] I told him that I would like him to remain at least until the Copa Libertadores and then I told him personally that we would not limit his career".
Soon after Pavon's return to the club though, the 21-year-old broke through into the first-team setup at Boca Juniors and became a force to be reckoned within the continent.