Fulham are discussing both loan and permanent moves for Cedric and Cottagers manager Marco Silva is driving their interest in the 31-year-old.
Cedric has made just one Premier League appearance for Arsenal this season and Fulham are targeting reinforcements as they bid to build on their strong start.
The Portugal international knows Silva from their time together at Sporting and is open to a reunion if Arsenal decide he can leave this month.
Arsenal already have Ben White and Takehiro Tomiyasu as options at right-back and are in the market for another player in that position.
The Gunners are interested in the Valladolid teenager and has spoken to representatives of the 18-year-old about a potential move.
Fresneda is a promising young talent and he would be viewed as long-term signing for Arsenal, with Valladolid likely to want to keep him on loan for the rest of this season.
Fresneda has become a regular for Valladolid this season, making nine appearances in La Liga.