Nice boss Lucien Favre is on Arsenal's radar to succeed Arsene Wenger.
BILD says Favre, 60, is one of the top candidates being considered for the role.
The report claims the Swiss would be available at the end of the season for the small price of £3.5million.
Arsenal are looking at Luis Enrique as a potential replacement with Juventus boss Max Allegri also in the frame.
The former Barcelona boss has been out of work since leaving the Catalan club last summer.
Arsenal chief Ivan Gazidis yesterday admitted finding Wenger's successor would not be easy.
He said: "We will have a process. We haven't had any discussions today regarding that. I don't underestimate the challenge of that.
"This club has to rise to the challenge. You don't find a replacement for him, you find a new path forward."