The Spanish club are seeking to steal a march on their rivals Deportivo La Coruna who are looking to seal a permanent deal for the 28 year old. The Evening Standard report that Depor and the Gunners were confident of coming to an agreement for close to £14m, but so far there has been no official news that a deal has been struck.
La Voz de Galicia say that Levante have offered a total of €4million for the season long loan, with the final amount dependent on Perez scoring a certain number of goals, and the Spanish club also getting a purchase option on the player.
Such an offer is unlikely to be accepted by Arsenal as the Gunners want the player to leave on a permanent basis. Deportivo are the only club to have made a bid with interest from other teams limited to a loan deal. The only club other than Depor who may consider an offer before the close of the window is Everton, according to the Standard.