The report states that Gunners are keeping tabs on the Turkish international who is also being trailed by Barcelona.
United are preparing a €40 million bid for Çalhanoğlu according to the Dutch football outlet Soccer News.
AC Milan are also in the hunt for Çalhanoğlu according to the Italian newspaper Tuttosport.
The 21-year-old provided an assist in his most recent game against Barcelona in the Champions League.
Çalhanoğlu is regarded as being one of the best set-piece specialists around and has received rave reviews from Bayern Munich boss Pep Guardiola who said: “Çalhanoğlu is one of the best free-kick takers in the Bundesliga.”
The Turkish international scored the highest number of free-kick goals – in the top five leagues in Europe – Premier League, Bundesliga, La Liga, Serie A, Ligue 1 – last season.
The 21-year-old has provided two assists and scored five goals in 12 appearances for Leverkusen this season.