Monaco head coach Leonardo Jardim has hinted that forward Thomas Lemar could be sold during January.
Lemar almost joined Arsenal for £92 million during the last transfer window and the Gunners remain interested in the France international.
The 22-year-old has also been linked with a move to Liverpool, particularly with Philippe Coutinho leaving for Barcelona.
Chelsea are also believed to be in the frame and Jardim’s comments at press conference ahead of a League Cup tie against Nice has given some encouragement that a deal can be struck.
“We are not used to selling in the winter,” he said.
“But the transfer window lasts until the end of the month and many things can happen.”
With Alexis Sanchez strongly linked with a switch to Manchester City, a move for Lemar by Arsenal boss Arsene Wenger seems inevitable.
Sunday’s 4-2 defeat at Nottingham Forest in the FA Cup has cranked up the pressure on Wenger, but Lemar’s arrival would go some way to appeasing the club’s fans.
Lemar has previously stated he would favour a move to Liverpool and manager Jurgen Klopp was expected to replace Coutinho, but numerous pundits have claimed the Reds aren’t in the running.
Chelsea have also been linked with Lemar in the past and with Real Madrid set to target Eden Hazard during the summer the Blues could well emerge as Arsenal’s biggest rivals for the Monaco forward’s services.