Head coach Mikel Arteta has already enjoyed a productive period in the transfer market, bringing in the likes of Fabio Vieira and Gabriel Jesus.
If reports are to be believed, another central midfielder is now on the agenda as the Gunners look to strengthen their options in that area of the pitch.
Nevertheless, even with Jesus and Eddie Nketiah as his options down the middle of the attack, it appears that Arteta may consider adding a third player for the number nine role.
According to Mediafoot, Dembele could be provided with the opportunity to move to the Premier League.
The 26-year-old rediscovered some of his best form during 2021-22, contributing 22 goals from his 36 outings in all competitions.
However, that return was not enough to help secure Lyon another year of European football, effectively leaving the Ligue 1 side at risk of losing some of their best players.
That particularly rings true with Dembele who now has less than 12 months remaining on his contract at the Groupama Stadium.
Earlier this summer, it was claimed that Southampton were ready to bid £10m in an effort to secure what would be regarded as a significant coup for the South-coast outfit.
However, it appears that Dembele will have higher-ranked English clubs chasing his signature with Manchester United also said to be monitoring the situation.
With Edinson Cavani having already left Old Trafford and Cristiano Ronaldo's future still up in the air, Erik ten Hag may need to move for a replacement.
Dembele is no stranger to football in England having spent the early part of his career representing Fulham in the Championship.
As many as 19 goals were scored in 64 appearances before his form earned a switch to Scottish giants Celtic, where he netted 51 goals from just 94 outings.