According to reputable Italian reporter Gianluca Di Marzio, both clubs are keeping a close eye on 26-year-old Peres, with the Gunners believed to already made a firm offer.
At the moment, it is said that the opening offer is considered too low by Torino, although it represents a start. Leicester, on the other hand, are yet to formalise their interest.
It is said, however, that Torino and the player both do expect a move at some point. Whether that will indeed be to Arsenal or Leicester remains to be seen.
São Paulo-born Peres has been plying his trade in Europe since 2014 when he joined Torino from Santos. Prior to that he'd got his start as a professional playing for Audax São Paulo in the São Paulo state league.
Peres has been a regular in Serie A ever since arriving in Italy, playing 34 times in his debut season. He made a further 31 appearances in 2015/16, starting 30 of those games and playing predominantly in a right wing-back position.
The Brazilian also has a good goal record for a defender. He scored three times in Serie A during the 2014/15 campaign and netted a further three last season, also providing four assists as Torino finished 12th in the final table.
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