The Sun says he was the man who persuaded Sheik Muhammed Al Maktoum to make a £450million bid for Liverpool last December. Now he is looking to the Gunners to fulfil his ambition of owning a major Premiership club.
Al Hashimi, executive chairman of Dubai-based Zabeel Investments, said: "I know the owners are very reluctant to sell but I see Arsenal as a very profitable club.
"Liverpool was an opportunity which does not come along every day but we have to move on."
Al Hashimi was the driving force behind that bid, made in conjunction with the government-owned Dubai International Capital last year.
Al Hashimi's closest aides confirm he has convinced the Al Maktoum family to back his latest move for the Gunners.
But a bid still needs the financial muscle of the Dubai government.
The Gunners board are already involved in a power struggle with American Stan Kroenke, who paid £65m for a 10 per cent stake in the club.