The 22-year-old French international has struggled to hold down a first-team place under Jose Mourinho, and may be allowed to leave.
Arsenal would need to pay at least £25 million to get him, a fee that would break their transfer record.
Wenger is said to be keen on a making a move, and Arsenal could pull out their cheque book as early as January.
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Caughtoffside are also responsible for linking Liverpool to Sunderland striker Darren Bent.
Liverpool boss Roy Hodgson is reportedly interested in the England forward, and looking to bring in attacking reinforcements in January.
Bent is valued at around £22m.
Source: DSG
