The Sun says Wenger had both aces watched in Lyon's 3-1 win over Monaco at the weekend - Benzema found the net and Ben Arfa impressed.
Striker Benzema, 19, has taken the French league by storm with 11 goals in as many games.
Left-winger Ben Arfa, 20, has also broken into the France senior team.
But it will be a huge task to convince Lyon to sell. The French champs are notorious for hiking up prices and they know Wenger has a £70m war chest.