Arsenal's primary transfer target for the summer is Benjamin Sesko, with a current €10m gap between their offer and Leipzig's asking price.
Leipzig is under pressure to sell Sesko due to their failure to secure Champions League football for the upcoming season.
Arsenal is also considering Sporting's Viktor Gyokeres as an alternative option for a striker.
Discussions have taken place regarding a potential move for Chelsea's Noni Madueke, but Arsenal is currently unwilling to meet Chelsea's £50m valuation.
A deal for Noni Madueke could potentially be revived later in the summer, as Chelsea anticipates significant transfer activity.