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.
Carlos Tevez is expected to re-join the club after an unhappy spell in China, while they are also bringing in Argentina internationals Julio Buffarini and Emanuel Mas.
Reports suggest the Gunners are ready to trigger Pavon's £27million release clause and are keen to get a deal over the line quickly.
Who is Cristian Pavon?
Sanchez is out-of-contract at the end of the season and is being strongly tipped to join Manchester City this month after failing to push through a transfer on deadline day in the summer.
Stylistically, though, the Arsenal transfer target has all the tools to fill any Sanchez-shaped hole in the Gunners' starting line-up.
"For the moment, we have not received any proposal, formally or informally", Angelici said.
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Arsenal fans have with mixed views to the news that Wenger is close to paying the £27m release clause for Argentinian winger Cristian Pavon.
If Sanchez does leave Arsenal in January, a replacement will be needed, and Pavon is available at a reasonable price in today's market.
'But I know very well what I said to Cristian when we renewed his contract.
Pavon's explosive style earmarks him as the flawless replacement for Alexis Sanchez, He is an Argentina worldwide, having made his debut in the friendly against Russian Federation past year.
While Boca obviously want to keep the forward, if Arsenal do activate his release clause, the decision would then be up to the player.
'If Arsenal are interested they should contact Boca and try send over an offer if they are truly interested in him. I am not going to cut off his career, but we made him a nice contract so that he would be comfortable.
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