Mikel Arteta is looking to add quality to his front line, with a particular focus on the left flank, where Leandro Trossard and Gabriel Martinelli could both leave this summer.
Barcola has emerged as an option for the Gunners after becoming a backup option for PSG in recent weeks, and was even substituted at half-time by Luis Enrique in their 2-0 victory over Lens on Saturday.
Enrique was frustrated by the 23-year-old winger's decision-making as he continued a string of lacklustre performances. As a result, speculation over his future is intensifying, and according to French outlet L'Equipe, a switch to the Premier League is "most likely destination" for Barcola.
The French international is set to hold talks over his future following the Champions League final against Arsenal, with Liverpool also showcasing long-term admiration to the fleet-footed forward.
Despite facing competition from arguably the best left winger on the planet, Khvicha Kvaratskhelia, Barcola has still produced 18 goal involvements this term in Ligue 1 and the Champions League.