The Germany international has already spoken of an ambition to join the Gunners.
And he said yesterday: "If I leave Cologne, I'll join a foreign club. It is the thing that attracts me the most right now. I find it very difficult to imagine playing for another club in the Bundesliga.
"When I get offers, I always look if the club in question plays in the Champions League, because I miss this competition."
Podolski has a contract until 2013.