The 25-year-old Ivorian only signed for the Swans last summer, but is already being linked with a move away from the Liberty Stadium after an impressive debut campaign in the Premier League.
Bony notched a notable 25 goals in all competitions, and saw his powerful playing style garner much praise.
Although he is content at the Liberty Stadium, the skilful hit-man has said that he would relish the chance to sign for a top club, which has alerted Arsenal.
Gunners chief Arsene Wenger is known to be in the market for a top forward, and sees Bony as a potentially wise addition.
The African star netted against the Londoners in a 2-2 draw at the Emirates Stadium in March, which was one of his 16 league strikes.
He cost £12m last summer, and despite Swansea being keen to keep him in South Wales bids of around £20m may prove too good to reject.
Bony is set to star at the World Cup in the coming months and may opt to push for a transfer after the tournament.