Petr Cech has come under scrutiny this season after a number of high-profile mistakes.
The Gunners want an upgrade on their No 1 and they have been keeping an eye on Leno.
Also on their shortlist is Jan Oblak, who has seen his stock rise as he has helped Atletico Madrid reach the Europa League final.
And according to German paper Bild, Arsenal have made a move for Leno and already started discussing a potential summer move.
Bild also suggest that Leno is keen to spread his wings and sees the Emirates as the ideal place to progress his career.
Stay updated with the latest Nigerian news from Information Nigeria