The French star has been in excellent form for the Saints this term, helping them to a safe midtable position.
His performances have alerted Wenger, who is eyeing a long-term successor to Arteta.
The Spanish ace is a key member of the Gunners’ midfield, but at 31 it’s clear that his days at the very top of the English game are numbered.
Schneiderlin is seen as an able alternative, and at 24 he has more miles in the tank than the ex-Everton star.
Wenger has around £100m available to him for the summer window, and could be tempted to dip into his war chest to land his compatriot.
Arteta will also be in the final year of his deal at the end of the season, which may cause to intensify Arsenal’s need to snap up a fresh face for his role.
Southampton are unlikely to be open to selling, but the player’s possible desire to test himself at the top end of the Premier League may force their hand.
Schneiderlin moved to England as a youngster in 2008 from Strasbourg, and has already made almost 200 outings for the Hampshire outfit.