The Gunners have looked at several attack-minded central midfielders as they look to strengthen Mikel Arteta's squad.
Given Leicester have Europa League football this coming season, Maddison moving to Arsenal seemed unlikely.
However, transfer insider Peter O'Rourke suggests Maddison is the top target for the Gunners.
"They're getting encouraging signs that something could be done with James Maddison," O'Rourke said on The Football Terrace.
"It seems Arsenal are ready to offer a couple of fringe players as well as a substantial fee."
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!