The 21-year-old has impressed in Serie A and the youngster would fit in Wenger's philosophy of buying players with potential to grow into world class footballers.
Wenger has been watching Diakite for some time but has yet to make a formal offer, though the player's agent, Pino Letterio, has suggested Arsenal would be wasting their time if they did.
'He is not moving away from Rome,' said Letterio. 'Lazio is like his family and he has no intention to leave the capital.
'There is no possibility that Modibo will leave Lazio because he has just signed a five-year contract extension.
'Lazio does not want to see go a player they have helped develop leave.'
Meanwhile, the noises coming out of Andrei Arshavin's camp are of a much more positive nature, with the player himself recently suggesting Arsenal's style of play would suit him.
And now his agent has expressed optimism that a deal can be struck before the end of the month.
Arsenal and Zenit St Petersburg are still divided over their respective valuations for Arshavin, but Dennis Lachter thinks the two parties will eventually come together.
'It looks like nothing will happen this week,' said Lachter, 'but there may be some movement early next week.'