The future of the Manchester City forward has been in doubt for most of the summer but the Gunners could make a move for him at the last moment.
It is thought that should this deal go through then the English Premier League champions may be able to lure Theo Walcott to the Ethiad Stadium.
Walcott has been offered contract at the Emirates Stadium but it appears to have stalled, sparking concerns about where he may be playing football come the end of this month.
Dzeko has found himself move down the pecking order at City and may now need to move on to play more first-team football.
Arsene Wenger is said to be an admirer of the Bosnian international after trying to secure his services a number of years ago.
Now, Wenger wants to boost his attacking options having lost Robin Van Persie this summer and seeing his side fail to score in their opening two matches.
Should Dzeko make the move to the Emirates Stadium, it will be one of the biggest stories in this fascinating transfer window.
We shall see.