Spanish media outlet claim the Gunners are looking increasingly likely to sign the Armenian international, according to the
Chelsea and Juventus have also been linked with the attacking ace.
But according to Italian football experts , Arsenal are leading the race for his services.
It’s understood the north Londoners will pay around £23m for the Bundesliga sensation.
They’re also set to offer him an annual salary of £5m, which works at £96,000-a-week.
The midfielder has enjoyed a phenomenal season, scoring 23 goals and creating a further 30 in 49 appearances.
He is about to enter the final 12 months of his current Dortmund deal and appears no closer to a new deal after snubbing a £6.4m-a-year extension.
When asked by German newspaper Bild if he is about to pen fresh terms, Mkhitaryan said: “I do not know yet.”