Mislintat said: "We have a purchase obligation of three million euros (£2.5m) if we remain in the league."
"He can score a goal; he's really threatening from set pieces and has really improved as a player.
"I think he's a player who Arsenal could actually do with."
Mavropanos has been a mainstay for Stuttgart this season, starting in 19 out of 22 league games, with injury costing him those three games.
He said: "Stuttgart is one of the biggest clubs in Germany.
"At the moment, I'm only concentrating on VfB and making sure we stay in the league.
"I would like to play in the Premier League again at some point. But at the moment, I feel very comfortable at VfB."