Have they dodged a bullet, or will there be a few quid knocked off his fee?
Ask any Arsenal fan who was on their shopping list this summer and we reckon 90% of them would have said one name.
In fact, most Arsenal fans were a bit obsessed with signing him during the last transfer window, with Piers Morgan thinking Wenger was a right tool for not doing so.
And we reckon that Arsenal fans are pretty happy with that decision at the moment after Benzema was reportedly taken into police custody for questioning regarding an alleged plot to blackmail Mathieu Valbuena, as reported by Goal.
Former Liverpool striker Djibril Cisse was initially brought in for questioning back in October, as covered by the Guardian, but now Benzema has been quizzed regarding a plot to blackmail Mathieu Valbuena over a sex tape - with his presence at a police station in Versailles, near Paris, early on Wednesday confirmed by AFP.
Sounds like a French version of Hollyoakes doesn't it?
Well, with Benzema with French police, Arsenal fans have taken to Twitter and look pretty pleased they didn't splash the cash on him, while others reckon they might be able to sign him now at a cheaper price!
Just think if Benzema had signed for Arsenal he would have been trending #1 right now— WaynoTheGooner (@AfcGunn3r) November 4, 2015
Benzema would rather get arrested than sign for Arsenal— Harry (@HarryTHFC_) November 4, 2015
Karim Benzema reportedly arrested. Arsenal’s chances of signing him now… https://t.co/VQzely81UN— FootballFanCast.com (@FootballFanCast) November 4, 2015
Benzema wouldn't have been arrested had he just signed for Arsenal, just saying!— A.Marie (@Amarief10) November 4, 2015
Ask Arsenal if they still want to sign Benzema. LOL!— Bigyan (@felon_z) November 4, 2015
If Benzema had just come to Arsenal in the summer he wouldn't be involved in sex tape cases— Sir Sleep (@LimitlessLeo) November 4, 2015
This should half Benzema's transfer value @Arsenal you know what to do this January— Alexis (@NiggAbdi) November 4, 2015
Yo @Benzema you can't call Arsenal fans clowns & then think God will let it slide just like that— Thabang (@_TheBang_) November 4, 2015