Gunners scout Gilles Grimandi has admitted the club are interested in Montpellier striker Giroud, but says they have a 30-strong list of targets.
Grimandi said: "Always we look at interesting players and Giroud is on the list. But we are looking at 30 players in Europe and South America.
"He could play for a top club in Europe. But we also know the price changes if he finishes as top scorer in France."