The story states that Wenger will monitor the player closely at the tournament before deciding on whether to bid for the 22-year-old.
Ganso is an attacking midfielder who has appeared eight times for the Brazilian national team and has scored 35 goals in 157 appearances for Santos.
Earlier this month, Ganso's representatives announced he was to leave the club, citing his frustration with club officials focusing too much on Neymar and resulting contract disputes (via Goal.com).
However, the same report states that Ganso would prefer to stay in Brazil for another year before considering a move abroad.
Any potential transfer would likely cost Arsenal in the region of £20 million—a deal that would spend most of the funds the club would receive from the sale of wantaway striker Robin van Persie, who continues to be linked with a number of clubs since announcing his intention to leave North London earlier this summer (via Daily Mail).
The Brazilian Olympic team is set to take on Great Britain in a friendly on Friday.
However, he believes that the club can still compete on the pitch, if not in the transfer market.
"But with this new financial environment, what has not changed at all is our policy that we will be as ambitious as ever and spend the money that we have available, if possible in an intelligent and wise way," he said (via Goal.com).