The Senegalese forward only joined the Blues from Newcastle earlier this year, but already looks to be surplus to requirements in West London.
Both Samuel Eto’o and Fernando Torres are ahead of him in Jose Mourinho’s pecking order, while a top class striker is expected to be signed by the club in the New Year.
Wenger made a late move for Ba over the summer, but saw his loan approached dismissed by ‘The Special One’.
However, he has remained keen and is ready to test their resolve with a serious offer.
The Frenchman sees Ba as the ideal man to support Oliver Giroud and keep Arsenal’s title hopes alive after Christmas.
The former Montpellier man has been in excellent form this season, but is short on back-up.
Wenger is aware that an injury to his t-man could be catastrophic, with Yaya Sanogo and Nicklas Bendtner his only genuine alternatives.
Ba has plenty of experience, and was one of the Premier League’s top frontmen while at Newcastle.
Could Demba Ba fire Arsenal to the title?
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