The Sunday Telegraph says Manchester City have been trying to sign the 19-year-old forward but it is understood that the player would prefer to move to the Emirates.
Arsène Wenger is an admirer of the player and has been monitoring him closely this season. Moses, who has also attracted the attention of Liverpool, Barcelona and Real Madrid, is one of the most promising talents in the country and has represented England at U16, U17, and U19 level.
While City could offer Moses more money, Wenger's record of developing young players makes Arsenal the preferred destination.
With Jack Wilshere, Fran Merida, Kieran Gibbs and Aaron Ramsey, Wenger has assembled a group of players that could dominate English football over the next 10 years. Moses would complement that group perfectly.