HITC Sport understands that the Scot is among those under consideration as Arsene Wenger seeks to bolster his midfield ranks.
The Scottish midfielder has been superb for the Eagles since his move from Wigan Athletic in 2014 and only this summer was handed an extended deal on the back of his displays.
But with Francis Coquelin ruled out for at least two months, and with injuries hitting Arsenal hard, they are now considering their options for January as they want cover in the holding midfield department - and McArthur is on their radar.
Similar to when Arsene Wenger considered the potential signing of Swansea's Ki-Sung yueng last summer, he is not afraid to look at Premier League rivals further down the Premier League food chain.
McArthur’s form since his switch to Selhurst Park has now caught the attention of a number of clubs, and Arsenal’s scouts are understood to have delivered some glowing reports.
Now the former Hamilton Academical star has emerged as an option, whilst the likes of German Lars Bender and Portuguese duo William Carvalho and Ruben Neves have also been linked.