Lozano has been in fine form for Dutch giants PSV during the first half of the current campaign, scoring 10 goals and providing three assists as Phillip Cocu's side take pride of place of the top of the Eredivisie, five points ahead of second-placed Ajax.
The Mexico international has been linked with moves to the Premier League on more than one occasion over the past couple of seasons, and the attacker, who operates effectively on both the right and left flank, has made no secret of his admiration for Manchester United.
But Jose Mourinho's men are not currently in the race for Lozano's signature at present, with Everton and Arsenal both competing to bring the forward to England as soon as possible, according to Mexican newspaper AM.
The report claims that Arsenal and Everton are willing to pay €48m (£42.4m, $56.8m) for Lozano and would like to bring the former Pachuca star to the Premier League as soon as next month, though PSV would be reluctant to part with their prized asset in the midst of a title charge.
Everton's interest seem to be firmer than Arsenal's, AM suggest. Sam Allardyce's side's seismic offer for Lozano has been 'confirmed as real', according to the report, while Arsenal's bid is only a 'proposal' at this moment in time.
Everton manager Allardyce has told of his desire to sign a new forward in the January transfer window, and Lozano may act as a replacement for both Romelu Lukaku and Sandro Ramirez.
Malaga boss Michel is hoping a deal to bring Sandro back to his homeland can be thrashed out in January, with the forward apparently prepared to snub interest from high-flying Valencia in order to return to the club whom he scored 16 goals for last season.