Arsenal are desperate for a striker after Robin van Persie’s replacement Olivier Giroud has failed to live up to his expectations.
Villa is set to leave the Nou Camp after failing to nail down a first team spot since returning from a long term injury that effected his Euro 2012 selection.
Swansea boss Michael Laudrup has been rumoured to have made an audacious loan bid for the Spanish striker but Arsenal would certainly be the favourites to sign him if they entered the race.
While Wenger may be desperate to sign a goalscorer, he will not splash the cash in January and only a loan deal would attract the Frenchman.
However if the short term move was successful, Villa could become a permanent fixture in the Emirates armoury.