The Gunners were linked with the German World Cup winner after countryman Per Mertesacker was ruled out for five months with a serious knee injury.
Recent reports suggest the north London outfit’s interest in the 6 foot centre-half has only amplified following Gabriel Paulista’s injury against Manchester City on Sunday night, with Mirror Football claiming they’ll look to sign the £25million-rated Valencia star by Friday.
And London Evening Standard now report that the Mestalla outfit are moving for Manchester City’s Eliaquim Mangala as Mustafi’s potential replacement.
The La Liga side are already in talks with City, who splashed out £42millon on the France international in summer 2014. But Valencia are keen on a loan deal for the 25-year-old, whilst the Citizens would prefer a permanent transfer.