Deporte Valenciano are reporting that the two Premier League giants are interested in Ozyakup, who scored 9 league goals for Besiktas last season, helping them win the Turkish Super Lig.
The 23-year-old was at the Emirates as a youngster, training in the academy before making 2 appearances in the League Cup, totalling 27 minutes of playing time in an Arsenal shirt. He was an unused substitute when the Gunners were thrashed 8-2 by United in 2011.
The Turkish international moved to Besiktas in 2012, and has just completed his best goal-scoring season for the club.
Arsenal have only made one marquee signing so far this summer, bringing in Swiss international Granit Xhaka. Whilst United have been busy in the window, signing Bailly, Mkhitaryan and Ibrahimovic, with their long-going link with Paul Pogba still not resolved.
The report in Deporte Velciano claim he could cost just £17million.