A Bola report that the West Midlands outfit have offered around €15m for the highly-rated attacker, in a proposal that would allow Santos to at least bank some cash for the 19-year-old.
Jorge is only contracted until the end of the year, so the talent will be able to negotiate a pre-contract agreement with clubs this summer.
A Bola add that Bruno Lage’s former club in Benfica are also keen on Jorge, though Santos’ valuation of €20m will require the Portuguese giants to make some cash from sales in the attacking department first.
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The Brazil youth international has scored 15 times for Santos and registered two assists in 71 outings.
With an offer coming across the table from Wolves, Arsenal may want to make a bid of their own as soon as possible or they face missing out on the signing of an exciting talent for a relatively low fee.