Striker Benzema, 19, has taken the French league by storm with 11 goals in as many games.
He is already a starter for France, with his displays also alerting Real Madrid, Barcelona, AC and Inter Milan.
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.