The Sun says the Gunners have been following El Khannouss this season.
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The 20 year-old is being considered by Arsenal as potential cover and competition for skipper Martin Odegaard.
El Khannouss joined Leicester in August from Genk for €25m and has been a bright point in a relegation season.
He has scored three goals and notched five assists in his 35 appearances across all competitions.