Gunners boss Wenger has an eye on Leicester’s £5m-rated Jeffrey Schlupp.
The 22-year-old Ghana international impressed with his displays down the left flank in the Foxes great escape and was named Leicester’s young player of the year.
Arsene Wenger is also monitoring Villarreal striker Gerard Moreno as a surprise summer target.
Arsenal scouts have been watching the 23-year-old, who has scored 16 times for his Spanish club this season.
Villarreal are keen to tie down Moreno to a new contract as he has only a year left on his current deal and there is a £3million buy-out clause.
Arsenal have yet to make a move, but Moreno is on their radar as being cheap and showing big potential.