The 23-year-old has been in impressive form for his Dutch club during the 2023-24 campaign, scoring 24 goals and registering six assists in 39 appearances in all competitions.
Gimenez has 21 goals and five assists in 29 Eredivisie outings this term, while he managed two goals and one assist in four outings in the group stage of the Champions League.
The Mexico international made the move to Feyenoord from Cruz Azul in July 2022, and he has a record of 47 goals and nine assists in 84 appearances for the Dutch outfit in all competitions.
Gimenez has a contract with his current team until June 2027, but it is believed that he will be leaving during this summer's transfer window, with a number of clubs interested in his signature.
Arsenal 'leading the race to sign Santiago Gimenez'
According to Record, the striker believes that his time at Feyenoord is 'coming to an end', as he is now ready to make the step to a bigger European club.
The report claims that Juventus and Atletico Madrid are also showing an interest, while Real Madrid and Barcelona have been monitoring his performances this season.
However, Arsenal are believed to be at the head of the queue for the Mexican, with Mikel Arteta's side determined to bring in a new number nine during the upcoming transfer window.
Gimenez, who has scored four times in 25 appearances for his country, started his professional career with Cruz Azul and scored 21 times for the club ahead of his switch to Feyenoord.
Who is Arsenal's leading goalscorer this season?
Bukayo Saka leads the goalscoring charts for Arsenal this season, finding the back of the net on 18 occasions in all competitions, while he has also provided 13 assists during a strong campaign.
Leandro Trossard is actually second on the list, netting 13 times in all competitions, while Kai Havertz and Martin Odegaard are joint-third in the standings with 10 each.
Gabriel Martinelli is next, netting eight times, which is the same number Gabriel Jesus has managed, with the latter finding it difficult to show his best form for long stages of the season.
Eddie Nketiah has only managed six goals, which is the same as Declan Rice, and the former is widely expected to leave the Emirates Stadium during this summer's transfer window.
Arsenal's lack of a top-class centre-forward harmed them in the second leg of their Champions League quarter-final with Bayern Munich, and it is certainly a priority position for the Gunners this summer.