The Swiss wide-man shone at the World Cup over the summer, and was subsequently linked with a switch to Liverpool.
However, since the Reds dropped their interest, the likes of Manchester United and Tottenham have been chasing the 23-year-old, who is set to leave the Allianz Arena next month after growing frustrated at a lack of game time.
Bayern were keen to keep him during the last window, but manager Pep Guardiola is ready to sell now with the player’s wish to leave a major factor.
The Bavarians want £18m for their man, with Arsenal very interested.
Shaqiri is seen as the ideal player to work in tandem with Alexis Sanchez on the flanks for the Gunners, with Arsene Wenger keen to add more goals to his ranks.
The former Basel ace has struggled at Bayern since his 2012 switch from Basel, where he earned a reputation as one of Europe’s top young players.