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French outlet Foot Mercato say the Gunners are keen on the 24-year-old Lyon winger who set the top flight alight last term.
Ghezzal struggled to break into Lyon’s first team for years but made a big impact last season and is out of contract in the summer.
Lyon are desperate to keep the Algerian and have offered fresh terms worth £65,000-a-week – a massive increase on his current £8,700-a-week deal.
Because his contract is in its final six months he is free to discuss terms with clubs from outside of France about a free transfer in the summer.
And Arsenal are said to be one of those clubs in contact.
However, they are not alone and Atletico Madrid, Valencia, Monaco, AC Milan and Everton are also named as having held talks with his agent.
Lyon president Jean-Michel Aulas discussed Ghezzal’s contract talks last month.
He said: “The negotiation is very complicated. I do not imagine it will finish quickly.”