The Gunners winger's deal expires next summer and the 23-year-old is yet to commit his future to the club.
And boss Arsene Wenger is preparing a bid for Wigan winger Moses who shone as the Latics avoided relegation from the Premier League last season.
Chelsea have already had a £4million bid rejected for the 21-year-old but are expected to return with an improved offer.
Wigan chairman Dave Whelan has warned potential suitors that Moses will cost £10m.
Whelan has offered his prized asset a new long-term deal worth £20,000 per week, but Moses has made it clear he does not want to extend his stay at the DW Stadium.
The youngster has set his heart on a move to Stamford Bridge, despite interest from Liverpool, and now Arsenal, according to the Daily Star. Click to signup for FREE news updates, latest information and hottest gists everyday
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