Michael Olise is expected to make the big move in the summer transfer window, leaving Crystal Palace.
The talented French striker has had a fantastic season in the Premier League, attracting the interest of top European clubs.
The 21-year-old has had a very good year for Crystal Palace, scoring two goals and assisting 11 more in 37 Premier League games.
The Mirror have reported that the Gunners are the latest to enter the race for the Frenchman and are now preparing a hefty bid for him.
Man City and PSG rival Chelsea for the transfer of Olise
Chelsea, Man City and PSG have also shown interest, but their bids have been under €50m and have been rejected by Crystal Palace.
Always according to the English tabloid, Crystal Palace is ready to allow the departure of the star of the team if an offer of around 60 million euros comes.
The runner-up of England during this week is expected to make an official offer which will be close to the demands of Crystal Palace.