While Arsenal has interest in Riyad Mahrez of Leicester City, they consider Henrikh Mkhitaryan of Borussia Dortmund their priority.
Mkhitaryan, 27, has just over 12 months remaining on his current contract at Dortmund and his agent, Mino Raiola, recently indicated that there are no plans to sign an extension.
Dortmund will reportedly demand around €35 million for Mkhitaryan, who has also been linked with Chelsea.