The South Korean was believed to be signing for French champions Lille, but has reportedly headed for London after being informed of the Gunners interest.
Lille and Monaco are confused by the news, as Park had undergone the first part of his medical and had agreed terms.
"We haven't had a telephone call, nothing," Lille president Michel Seydoux said. "From what we understand he could be at Arsenal.
"Like Monaco, Lille are baffled. Everything [about his move] had been agreed."