BILD says Wagner wants to bring back former S04 star Sead Kolasinac from the Gunners this summer.
The new S04 coach has dubbed Kolasinac a "dream candidate" to strengthen his squad and has discussed the left-back with club chief Clemens Tonnies.
Kolasinac left Schalke two years ago for Arsenal and has a contract to 2022.
It's understood Tonnies would need Arsenal to sell below market rate to satisfy Wagner's demands.
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!