The daily paper states that the Gunners are looking into the possibility of signing both Ilkay Gundogan and Henrikh Mkhitaryan.
The report goes onto state that Gundogan will be available for £25 million.
The 25-year-old’s current contract with Dortmund expires in June but he is rumoured to have refused to sign a new deal.
Manchester City are reported to be leading the race to signing he 24-year-old midfielder.
The Citizens sporting director Txiki Begiristain has already met with Gundogan’s uncle and agent Ilhan Gundogan regarding a summer deal.
Serie A giants Juventus are also reported to be in the race to sign the Germany international of Turkish origin.