The central defender is looking for a new club after terminating his contract in Portugal.
Arsenal have been installed as the 3/1 favourites to sign Pepe in the January transfer window.
The odds imply a realistic 25% chance, as Unai Emery has admitted he may need to look for defensive reinforcements after Rob Holding’s long-term injury has left them short at the back.
35-year-old centre-half Pepe is actively looking for a new club, as he is now a free agent after leaving Besiktas by mutual consent to help the club ease their financial issues.
Wolves are another club being heavily linked with the Champions League winner. He is as short as 5/1 to join the already strong Portuguese contingent in the West Midlands.
Other Premier League clubs in the market are Everton (6/1), Man Utd (12/1) and Chelsea (12/1).
Oddschecker spokesperson, George Elek: 'Pepe's arrival at Arsenal would signify a shift at the club since Unai Emery took charge.
'Defenders at the Emirates have long been a soft touch and, whilst the former Real Madrid defender won't win any popularity contests, he would bring a ruthless streak to their backline.'
