Manchester United are believed to be interested in luring the Frenchman to the Premier League, with the player keen to play in England.
But L'Equipe says the Gunners are also a possible destination for the midfielder.
The report claims that Arteta 'appreciates the profile' of Rabiot - but signing him could prove to be problematic.
He currently earns €7.5million a year in wages with Juventus, who were willing to pay him a high salary due to them getting him on a free.
Arsenal will not want to pay Rabiot anything close to that amount so a deal could depend on how much of a pay cut Rabiot would be willing to take.