The Telegraph says Arsenal have explored the availability of Lyon-owned striker Dembele - who is currently playing on loan at Atletico Madrid - and it is reported that he could be available for just £25million.
Atletico, who have Dembele on loan until the season finishes, have an option to buy the Frenchman for around £30m this summer.
However there are doubts over whether Diego Simeone's side will make the move for Dembele following a tough season in the Spanish capital.
Dembele has been hindered by injuries since moving on loan from Ligue 1 outfit Lyon in January.
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