The highly rated youngster has also been linked with Barcelona and Leicester City.
Dembele has quickly become one of the hottest talents in Europe this season since making his debut in November, bagging nine goals in 17 Ligue 1 games already.
The Gunners have been aware of the young talent for some time, having tracked him previously.
However, they have now been convinced to make their more, with the club’s network of French scouts having recommended that chief scout Steve Rowley travel to see him first hand.
Indeed, it seems the Gunners are impressed by what they have seen, with the Mirror report claiming that they have been “bowled over” by the starlet.
They are not the only ones interested in the young forward’s signature though, with the Gunners sure to face competition for him.
Barcelona are reportedly keen, with sporting director Robert Fernandez having overseen his hattrick in the 4-1 win over Nantes.