The Sun says Wenger is preparing a £12million bid for the Barcelona star but accepts he may have to improve on that following the midfielder's impressive Champions League performances against Chelsea and Manchester United.
As Yaya proved in Barca's European glory run, he could also play alongside brother Kolo, 28, in the centre of defence.
Yaya, 25, had a trial at Arsenal in 2005 but failed to seal a permanent move and joined Olympiacos instead.
He said: "It's true that it would be great to play for a big club with my brother. That would be fantastic but you never know."