Arsenal need to add a wealth of experienced winners to their squad over the summer.
With the likely departure of Mathieu Debuchy this summer, the 30-year-old Brazilian would be seen as an ideal replacement to compete with first choice Héctor Bellerín.
The newspaper goes on to claim, however, that the Bavarian giants actually want to bring the young Spaniard to the Allianz Arena.
The Gunners will surely fight tooth and nail to hold on to one of their most precious assets though, and Béllerín seems to enjoy his football at the Emirates, so Bayern would have to offer an extraordinary amount to tempt both the club and the player.
The signing of Rafinha would represent good business, as his contract is due to expire in the summer of 2017, the transfer fee would be relatively cheap. He would also bring along with him a wealth of experience and that winning mentality that Arsenal so desperately lack. He has won three Bundesliga medals, a Champions League and two German Cups in his time at Bayern.
The Brazilian has played in 31 games for the German champions elect this season, and his versatility has been put to good use by manager Pep Guardiola. He has been deployed in five different positions throughout the course of the season.
With the rigours of the Premier League and Arsenal's continuing injury problems, this kind of versatility would be extremely important as the Gunners navigate their way through the busier parts of the season.
Bayern head to Atletico Madrid tonight for their Champions League semi-final with Rafinha part of the squad.