The French international has been repeatedly linked with a move to the Emirates in recent weeks, as Arsene Wenger looks to bolster his attacking options.
And Italian sports journalist Emanuele Giulianelli claims the Gunners are planing to make a £45million bid to sign Benzema from Madrid.
Benzema deal is on: best offer is from Arsenal, £45mln. They will take a decision soon. He wants to reach Wenger,” Giulianelli wrote on Twitter.