Arsenal are monitoring Mario Gotze's situation at Borussia Dortmund.
The Germany international has another year remaining on his current deal but is said to be considering his future with the Bundesliga club.
Gotze, who scored seven times in an impressive campaign this term, could be available for a cut-price fee.
And that has alerted Arsenal , with Bild reporting the Gunners are keeping a close eye on developments with a view to making a bid.
It is claimed Arsenal would be willing to meet Gotze's wage demands, although any formal offer is likely to depend on the Europa League final.
Arsenal boss Unai Emery is likely to be afforded just £40m to spend this summer with other funds raised through player sales.
But qualifying for the Champions League will provide a significant boost to the coffers at the Emirates.
Arsenal are on the lookout for some creative reinforcements in midfield with Aaron Ramsey departing for Juventus .
Mesut Ozil and Henrikh Mkhitaryan could also be sold to help fund deals for other targets.
Meanwhile, Emery insists he will have no qualms with starting Petr Cech in the Europa League final.
Cech will retire after the match and is reportedly set to take up a coaching role against his former club.
But Emery said: "His career is amazing. First like a person and second like a professional goalkeeper.
“I think he deserves us to trust in him. Not because I am saying to you here – because his career says to us, he is a gentleman. And tomorrow he can start, he cannot start. I am going to decide."
