The Gunners captain barely featured last season under Arsene Wenger, and understood to be on the verge of an £11m switch to Manchester United.
But before he’s allowed to leave, the Londoners are keen to get in a replacement.
Wenger is thought to have set his sights on Manolas, who enjoyed a good season with Olympaikos and a fine World Cup campaign as Greece made it to the last 16.
At 6ft. 1”, the 23-year-old is seen as a good physical presence by the Frenchman, who is keen to ensure that Per Mertesacker and Laurent Koscielny have adequate cover.
Manolas is said to be available for around £8m, with the Greek champions aware that they may have to sell for financial reasons with Juventus also lurking.
Arsenal have a good relationship with Olympiakos after loaning Joel Campbell to them for last season.