Manager Arsene Wenger could make a move for Bayern Munich midfielder Mario Gotze if he fails to bring Henrikh Mkhitaryan to Arsenal.
The future of the Borussia Dortmund star is unclear after he opted against signing a new contract with the club.
Club CEO Hans-Joachim Watzke insists that the 27-year-old will not leave the club this summer amid rumours that the Gunners and Manchester United are both ready to sign him.
If Mkhitaryan stays in the Bundesliga, the Frenchman will shift his focus to Mario Gotze who was already linked with a possible move to the Emirates last summer.
Gotze has struggled for form since joining Die Bayern in the summer of 2013 and has a market transfer value of £27m.