The Dutch defender is also a Chelsea target, as they have a buy back option as part of the deal that took him to the Cherries.
The Gunners are reeling from the news that Callum Chambers will be out for more than six months.
The defender would be available for around £40 million.
Bournemouth would loathe to sell Ake as they are in the middle of a relegation battle, but a big bid may be too hard to turn down.
And if Chelsea come in for the player, the buy-back clause means Bournemouth would have little choice in the matter.