The Turkish defender has been a relevation since the start of the season, seamlessly replacing Harry Maguire in the Leicester team.
He has helped them rise to a top four position in the Premier League under Brendan Rodgers.
According to Turkish newspaper Star, the Gunners sent scouts to watch Soyuncu on international duty with his national side.
He was involved in the draw against Iceland on Thursday.
It is unclear if Soyuncu would have any interest in signing for Arsenal, given they are below Leicester in the league table.