The 20-year-old has impressed for La Paillade in the 2022-23 season, contributing seven goals and one assist in 16 Ligue 1 appearances.
The France Under-21 international already has 20 goals and four assists to his name from 74 senior games for Montpellier.
The teenager has two and a half years left to run on his contract.
Everton are said to be interested in a move for the highly-rated attacker, but the Merseyside outfit are now set to face stiff competition from Arsenal for Wahi’s services.
According to Foot Mercato, the Gunners have also joined the race for Wahi’s signature and have been following his progress for a number of months now.
The report goes on to claim that the North Londoners currently have no plans to bid for the Frenchman this year, as manager Mikel Arteta is satisfied with the current lineup that includes Gabriel Jesus, Eddie Nketiah and Folarin Balogun.
Juventus, Tottenham Hotspur, Manchester United, Manchester City and Liverpool are also keeping a close eye on Wahi’s development.