The 25-year-old recently put in a man-of-the-match performance for France in their UEFA Nations League win over Belgium, scoring both of his side's goals in a 2-1 victory.
However, Kolo Muani has not had the desired impact domestically so far, only scoring two goals in his first nine games of the season across Ligue 1 and the Champions League.
Kolo Muani has also featured from the first whistle in just two of PSG's seven top-flight games so far this term - coming off the bench in a further five - and his overall tally for the French champions reads a modest 11 goals and six assists from 49 outings.
The former Nantes and Eintracht Frankfurt striker still has four years left to run on his contract with Les Parisiens, who paid £79.2m to bring him to the club in the summer of 2023, but they are apparently already preparing to cut their losses.
Kolo Muani 'offered to several Premier League clubs'
According to TBR Football, Arsenal are one of the clubs to have been offered the chance to sign Kolo Muani during the January transfer window, and his agents have been trying to drum up interest by contacting numerous clubs in Europe.
However, the France international's camp have also touched base with Manchester United, Manchester City, Newcastle United, Chelsea and Aston Villa, indicating their desperation to find him a new home.
PSG boss Luis Enrique is said to be happy to let Kolo Muani leave in January, although a permanent deal may not be feasible midway through the season, so the French champions could accept a loan agreement before trying to get rid of him for good next summer.
If Kolo Muani cannot secure a temporary exit midway through the season, his game time is expected to reduce further in the second half of the season, as Goncalo Ramos is set to make his comeback from an ankle injury in December.
Despite failing to make the grade at the Parc des Princes, Kolo Muani has been in strong form for France in the current Nations League campaign, scoring three goals and providing one assist in three appearances.
Why Arsenal should be open to Kolo Muani loan signing
The domestic numbers do not make for good reading for Kolo Muani, and Arsenal should not be giving any consideration to a permanent deal at this stage, especially with PSG hoping to recoup a good chunk of their £79.2m fee.
However, Mikel Arteta could do worse than consider a loan move for the Frenchman for the second half of the season, as Gabriel Jesus has just not been able to revive his stuttering Gunners career.
There may come a point where Arteta and co have to cut their losses on Jesus, a point which could very well arrive as early as next summer if the Brazilian cannot shake his form or injury troubles.
Kolo Muani's temporary transfer could both give Jesus the kick he needs to get back to his best and give Arsenal an alternative option up front, especially with Kai Havertz being forced to fill in for Martin Odegaard in a deeper midfield position.