The Dutchman is one of the most sought after front men in Europe following an impressive spell with the Bundesliga club.
His 58 goals in 68 top-flight games have alerted Gunners boss Arsene Wenger, who is keen to strengthen his Premier League squad in the January transfer window.
Huntelaar’s contract is set to expire at the end of the season and it’s looking unlikely that he will extend his stay in Gelsenkerchin.
This may force the club to sell in January for a minimal fee to avoid losing him for free in the summer months.
At 29, he is unlikely to move on for a large amount, which has led to speculation that a £4m price tag has been placed on his head.
Huntelaar is believed to have impressed Wenger during Arsenal’s meeting with Schalke in the Champions League during October.
The striker netted in the 2-0 victory for the Germans and provided al all-round impressive display.
A lack of goal scoring prowess has been a problem since the departure of former club captain Robin van Persie during the last transfer window.
Olivier Giroud was drafted in following an impressive spell in the French league, but has failed to transfer his impressive form.