The France international is expected to make the move to a bigger club before the start of the 2022-23 campaign.
Real Madrid and Liverpool are the number one favourites for the 22-year-old midfielder, who could cost in excess of £40m.
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However, according to Gianluca Di Marzio, the Gunners are ready to enter the race for the Frenchman alongside Manchester United.
Di Marzio said: “A lot of clubs in the Premier League are following him. Arsenal, Manchester United to name just two. He would like to play in the Premier League.
“He has stayed at Monaco for another year to await a chance to play in the Premier League. I think that will be the summer when he changes.”
The leading bookmakers listed on best nz online casinos make Tchouameni the second favourite, and the Frenchman deserves that status.
Tchouameni has a contract at Monaco until 2024.