The German international's father says two are more clubs are targeting the defender.
Germany's Shkodran Mustafi
The Gunners are in the midst of a defensive crisis at the moment, with no senior centre backs currently fit for selection.
Per Mertesacker and Gabriel Paulista both picked up injuries in pre-season, while Laurent Koscielny is not up to scratch after his exertions with France at Euro 2016.
That saw them start the opening game of the season against Liverpool with Calum Chambers and Rob Holding at centre back, a situation that did not work out well.
Germany's Shkodran Mustafi and Italy's Simone Zaza in action
As a result they are on the hunt for a new centre back, with Mustafi appearing to be top of their wish list.
So far a move has not materialised though and the defender’s father has warned that there are more than one club in for his signature.
"Very soon you will know about the future of Mustafi. Two or more clubs are in negotiations,” he told Goal.
Valencia defender Shkodran Mustafi
It remains to be seen if Arsenal can secure a deal for the German defender ahead of the other interested parties.
There is no denying that he is needed, with the current centre back situation a less than ideal one to say the least.
Should they fail to secure his signature though, it is likely to spell bad news for Wenger, who is already coming in for criticism over their lack of signings this summer.
Arsenal manager Arsene Wenger