The Dutch forward has been on the radar of a number of Premier League clubs for some time and could be available for as little as £6m next month.
With his current contract set to expire at the end of the season, Schalke are all too aware that they could lose their man for free if they wait, which has tempted them to listen to offers.
Wenger is thought to be a long-term admirer of the 29-year-old and sees him as the ideal man to get the Gunners’ season back on track.
The Frenchman has had a number of senior scouts watch the ex-Real Madrid goal-getter and the reports they’ve returned have convinced him to press ahead with a bid.
Spending power has long been an issue for the Londoners, but it’s believed that the funds are in place to make additions following a lucrative sponsorship renewal with Fly Emirates.
As well as Huntelaar the club are keen to bring in former captain Thierry Henry on loan as well as Crystal palace star Wilfried Zaha.
A goalkeeper is also thought to be on the agenda, with Liverpool’s Pepe Reina top of their shortlist.