The Gunners had the played watched in the DFB Pokal semi-final against Freiburg, which is enough to suggest they are seriously considering making an offer for his services.
Arsene Wenger is looking to shake up his goalkeeping options and he could make a move on the German shot-stopper.
Ulreich, 24, has spent his entire career at Stuttgart, and established himself as a first team regular at the start of the 2010/2011 season.
He has since made 100 consecutive appearances in German Bundesliga and his impressive showings did not go unnoticed.
Ulreich is widely regarded as one of Germany’s most talented keepers and it appears the Swabians face a real battle on their hands to keep hold of their prized asset.
Meanwhile, Arsenal are also keen on Asmir Begovic, Simon Mignolet and Rene Adler as the search for a new number one continues.