Arsenal has long been interested in Demebele but the Catalan club insists that he is not for sale.
FC Barcelona has signed Dembele last summer for 105 million euros but the attacker didn't have his best season at Camp Nou.
Spanish outlet Mundo Deportivo reports that Unai Emery admires Ousmane Dembele and wants to see him at Arsenal.
Some other reports claim that Arsenal could be ready to offer a €10m loan deal in the coming days, with an option of paying the remaining €90m next summer and making the transfer permanent.
Meanwhile, Arsenal joined the race with Manchester United for the Bayern Munich defender Jerome Boateng.