Pierre-Emerick Aubameyang is Arsenal's first choice to replace Alexis Sanchez if the Chilean joins Manchester City, according to Sky in Italy.
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The Borussia Dortmund striker is in Ghana for the African Footballer of the Year awards and is due to join up with his team-mates on their winter training camp in Marbella on Friday.
City attempted to sign Sanchez last summer, launching a £60m bid on August's Deadline Day, and have been linked with a January move for the Arsenal forward following an injury to Gabriel Jesus.
Jesus suffered a leg injury in the 0-0 draw at Crystal Palace on December 31, and City boss Pep Guardiola confirmed the Brazilian striker will be out for several weeks.
Gunners boss Arsene Wenger is understood to be determined to hang on to his top players in January transfer window, but is keen to strengthen his squad as the club battle for a Champions League place.
Aubameyang scored 13 league goals in 15 starts this season for Dortmund but was recently dropped from the team for disciplinary issues.