Arsenal boss Arsene Wenger sees Bayer Leverkusen attacker Leon Bailey as a replacement for Alexis Sanchez.
The Daily Star says Bailey is valued at £35million by the Bundesliga club.
Arsenal made their latest check on Bailey, 20, a week ago, when he scored twice in a 4-4 draw at Hannover.
And Bailey followed up that with the winning goal at Borussia Monchengladbach in midweek – his ninth of the season.
Sanchez is expected to quit Arsenal at the end of the season as a free agent and join Manchester City.
Bailey, a Jamaica Under-23 international, joined Leverkusen from Genk in Belgium.