The 18 year old has already been the subject of a £4.5million bid from Manchester City, the club’s president Aziz Yildirim has confirmed, but the Gunners and London rivals Tottenham have now also entered the race.
Guctekin signed his first professional contract with Fenerbahce last summer and has progressed this season to become a member of the first team squad.
The holding midfielder has yet to play for Turkey at senior level but he is widely tipped to be a regular for the national side in the years to come.
Fenerbahce are keen to keep hold of the player, and have promised to give Guctekin first team football. It looks likely it will take a lot more than the £4.5million offered by City for the Turkish club to sell one of their most promising young talents.