Salzburg's Keita was reportedly watched by Gunners scouts this month.
Keita has shone for the Bundesliga side this season, scoring 10 goals in 23 league appearances from the centre of the park.
And Gunners scouts are said to have been present as the 21-year-old provided an assist in the recent 2-1 win against SV Mattersburg.
The report warns that Keita will not come cheap, however, explaining that his transfer fee could potentially exceed the 15 million euros spent by Southampton on former Salzburg player Sadio Mane.
The Guinea international can also play as a defensive midfielder, which could be of use to Arsenal, who are expected to shed Mathieu Flamini, Mikel Arteta and Tomas Rosicky from their squad when their contracts expire this summer.
Should the trio depart, the Gunners would be left with Francis Coquelin, Santi Cazorla, Aaron Ramsey, Jack Wilshere, and Mohamed Elneny as recognised central midfielders.
Keita, who previously played for French side Istres, only recently agreed a new deal at the Red Bull Arena, which runs until 2021.