Sources have confirmed that Arsenal have already made initial checks on Mendoza, viewing him as a potential long-term addition to their squad.
The Gunners - who currently lead the Premier League title race - are eager to use their position of strength to ensure the team is well-equipped for future campaigns.
In recent windows, Arsenal have prioritised players who can make an immediate impact, but Mendoza represents a different type of target, who can grow into a key figure over time.
Boss Mikel Arteta is said to be well aware of Mendoza’s traits and would support any pursuit, but the Gunners may face stiff competition to take him to England.
Insiders close to Manchester City say the club have admired Mendoza for some time, compiling detailed scouting reports throughout this year.
Their recruitment team is understood to have recommended him as a future signing, meaning any approach from Arsenal is likely to trigger a direct challenge from the Etihad.
City have already beaten Arsenal to a promising young player this year by securing the signing of Norwegian midfielder Sverre Nypan, 18, who is currently on loan at Middlesbrough.
Elche’s Mendoza is a Spanish youth international who has also been linked to Real Madrid, and is reported to have a release clause of around €20 million (£17.5m).
He is a very good technical player, with great ability in tight areas and the quality to quickly transition play into forward areas.
He has shown good maturity in La Liga and both City and Arsenal are now considered likely to make contact over a potential transfer route by the end of the season.
