The Gunners will look to test the Bundesliga club’s resolve with a January offer, while Brendan Rodgers remains keen to add another young talent to his Liverpool squad.
Rodgers and Wenger have both been keeping tabs on the 19-year-old this season, who has only recently broken into the Hamburg first team.
The Turkish youngster has featured 15 times in the Bundesliga this season, and managed four goals.
Hamburg remain desperate to keep hold of one of their brightest prospects, but know they will be put in a difficult position should either club make an attractive offer in January.
Wenger has money to spend in the New Year, and has been linked with a host of attacking players, while Rodgers is keen to bolster his squad in January after a succession of injuries.
The Reds boss has been rocked by the news that captain Steven Gerrard could miss up to six weeks with a hamstring injury, while first choice left back Jose Enrique and Daniel Sturridge are also long term absentees.
Rodgers is also nervously awaiting the results of a scan on an injury picked up by Jordan Henderson during the weekend’s 4-1 win over West Ham.
Henderson was the victim of a nasty challenge from Hammers captain Kevin Nolan which resulted in a straight red card. The former Sunderland man has been a Premier League ever-present for the Reds this season.