The Daily Star Sunday says Wenger is ready to meet the £8million release clause in Remy’s contract – the same figure Rangers paid for the striker when he joined from Marseille in January.
Liverpool are also keen on the frontman, 26, with manager Brendan Rodgers happy to pay the £8m fee and the player’s £90,000-a-week wages.
But Remy, who was on Wenger’s radar before his switch to Loftus Road, would prefer to stay in London, with a source saying: “Loic wants to stay in the Premier League, of course. He loves London and ideally would want to stay in the capital.
“A move to Arsenal would obviously suit both parties.”