The Saints have already sold three first-team stars in the shape of Adam Lallana, Luke Shaw and Rickie Lambert for close to £60m, but new boss Ronald Koeman looks set for a battle to avoid further exits.
Lovren is understood to have requested a transfer and is ready to go on strike during the club’s pre-season plans after an offer for his signature from Liverpool was rejected, while Schneiderlin has hinted that he’s ready to leave the South Coast while away on international duty with France at the World Cup.
This has alerted Wenger, who is known to be a fan of both players.
The Gunners will likely have to see off interest from Liverpool for Lovren, with Brendan Rodgers having targeted the Croatian as he plots to bulk out his backline, but a move for Schneiderlin appears to more in the Londoners’ hands, with the midfielder rumoured to be keen to relocate to the Emirates Stadium.
Wenger is thought to be ready to part with £30m for the duo, but he may have to up his offer with the Hampshire outfit not in need of cash after recent sales.