The People says the Gunners plan to raid English football's top academy 'nursery' for the teenage midfield schemer.
Slattery, 16, has been offered a pro Saints contract and plays regularly for older teams within their youth ranks.
But the kid, who is following in the footsteps of Gareth Bale and Theo Walcott, has yet to commit.
Arsenal even sent their top scout Steve Rowley to watch Slattery in a recent game and want to talk to him.
For breaking stories and all the great banter like us on Facebook: facebook.com/tribalfootball