The Bayern Munich striker has been linked with a move to Real Madrid, and that could suit Arsenal.
Arsenal were heavily linked with Benzema last summer, although a deal failed to materialise as they made Petr Cech their only signing.
A striker appears to be the top of their wish list this summer, with reports suggesting Arsene Wenger will go all out to secure a world class forward for his team.
They have already been linked to a big money for Alvaro Morata, with Corriere dello Sport claiming they have offered big money to Madrid for his services should they buy him back from Juventus.
Madrid themselves appear to be in the market for a new forward, with Bayern hit man Lewandowski having been linked for several months.
And should he arrive at the Bernabeu, Arsenal would still be willing to do a deal for Karim Benzema, who would lose his place in the side as a result of any move.
A potential switch to the Emirates for Benzema would not stop a deal for Morata though, with AS claiming Arsenal could partner the duo upfront next season.