The 27-year-old’s future at the Allianz Arena has been thrown into doubt of late, with the German champions having agreed a deal to bring in Robert Lewandowski from bitter rivals Borussia Dortmund at the end of the season.
With the Polish star likely to become the focal point of their attack given his status and performances over the course of the last few years, Mandzukic could be ousted from Pep Guardiola’s starting XI.
This has alerted Arsene Wenger, who is known to be keen to land a goal-getter to back up Olivier Giroud.
Luis Suarez was a target last summer, and Arsenal have since been aligned with a number of other big names.
With Nicklas Bendtner set to leave the Emirates Stadium as well and Yaya Sanogo being seen as too inexperienced to play regularly, Mandzukic is an appealing option for the Gunners.
The Londoners’ hopes have also been boosted by the front-man’s former club Wolfsburg’s reluctance to pursue a deal given the player’s £20m price tag.