The Gunners are reportedly willing to take a chance on the Greek forward.
The Greece international striker is currently on loan at Portuguese outfit Benfica and has shone this term, netting an impressive 18 league goals to help the Lisbon side top the charts by two points over rivals Sporting.
The 28-year-old left footer joined Fulham in January 2013 in a failed bid to prevent their relegation from the Premier League. The former Olympiakos attacker featured in just three matches for the Cottagers following a £12 million move to west London, scoring no goals in the process.
Following their demise into the second-tier, Mitroglou was sent out on loan by the club to former side Olympiakos - where he netted 16 league goals during the 2014-15 campaign - before a temporary deal with Benfica this year.
It is known Arsenal boss Arsene Wenger is on the lookout for a top striker to add to his attacking options in order to reduce the burden on France international Olivier Giroud and apparently may turn to the former Fulham flop.
According to Portuguese outlet Record, Arsenal are interested in bringing the player to the Emirates Stadium and have already made contact with the Championship side regarding a possible move.