The report claims that the Gunners have been scouting the Beşiktaş midfielder recently but could face competition from fellow Premier League clubs Newcastle United and West Ham.
The 22-year-old midfielder struggled under Hammers boss Slaven Bilic last season but has established himself as a first-team regular in the current Beşiktaş side and managed to break into the Turkish national team.
Özyakup will of course be a familiar name to Arsenal fans. The Turkish international joined the Black Eagles from the Gunners in 2012 for €500,000 and still has another three-years left on his current contract.
The former Arsenal man was actually born in Holland and captained the Dutch side to the final of the 2009 Under-17 European Championships before switching allegiances to the Turkish national team who whom he has 11 international caps.
The young midfielder has had an impressive start to his Super League campaign providing three assists and scoring once in six games.