The 22-year-old is out of contract at the League One club at the end of the current campaign, and he is contemplating his future as he desires to play at a higher level.
Charlton Athletic, currently fifth in the table with eight games left have not given up in their attempts to convince the highly-rated Aribo to put pen to paper, and they are hoping promotion to the Championship can tempt him to stay.
Arsenal are hoping the south London club lose the youngster, and they will be looking to beat competition to the signature of a player some within youth football believe has the skillset that could see him develop into an Aaron Ramsey-type player.
The dynamic Aribo, who has made 84 appearances for Charlton, has six goals in 26 League One games this season, and has already attracted the likes of Tottenham Hotspur and Southampton.
Arsenal have a limited budget to spend in the summer transfer window, and snapping up the youngster will be a smart move for manager Unai Emery.