Porto is focused on renewing the current contract of Taremi, who played for Iran at the 2022 Qatar World Cup and scored twice against England in the group stage, PLDC reported.
Taremi has a release clause of €60 million (£52 million) in his current contract at Porto which runs out in the summer of 2024.
Arsenal would be able to sign Taremi from Porto, but only if it is willing to pay €60 million.
Taremi has scored six goals and given five assists in 13 Portuguese matches for Porto so far this season.
The 30-year-old Iran international striker has scored five goals and given two assists in five UEFA Champions League games this campaign.