Arsenal are reportedly interested in the Borussia Dortmund star, but he would be expensive.
Bayern Munich v Borussia Dortmund - German Cup DFB Pokal Final
Arsenal are expected to be heavily busy in this summer transfer window after a disappointing campaign this past season.
They have already moved to make their first signing of the summer, securing midfielder Granit Xhaka in a £30million move from Borussia Monchengladbach.
Bayern Munich v Borussia Moenchengladbach - German Bundesliga
And he may not be the only star to arrive from Germany, with them also interested in Mkhitaryan.
That would be a pricey purchase for the Gunners, although the impending arrival of Xhaka indicates they are willing to spend big this year.
Borussia Dortmund's Henrikh Mkhitaryan celebrates scoring their first goal
The Armenian would be a star signing though, having impressed again for Dortmund in the Bundesliga this season.
Thomas Tuchel’s side would be loathe to lose their man, but given he is in the last year of his contract, they would surely sanction a sale should he indicate he won’t agree a new deal.
Arsenal manager Arsene Wenger