Anthony Modeste could return to Germany as Pierre-Emerick Aubameyang's replacement at Dortmund.
Trusted BBC Sport transfer expert David Ornstein reported that the two clubs had reached an agreement for a fee in the region of £60m for the Gabon international - which would break the transfer record at the Emirates.
However, Dortmund have categorically stated that they will only facilitate the switch once a direct replacement is brought to the Westfalenstadion.
Veteran striker Olivier Giroud was touted as a potential replacement with Arsene Wenger happy to comply, but Chelsea have reportedly emerged as front-runners to secure the Frenchman's services.
Peter Stoger could instead turned his attention to former Blackburn Rovers forward Anthony Modeste, with the 29-year-old having impressed with FC Koln in 2016/17 netting 25 times in 34 league appearances.
Modeste joined Chinese Super League outfit Tianjin Quanjin on a two-year loan deal back in July and has kept up his fine goal-scoring form; bagging seven in eight appearances.
However, he is said to be keen on returning to the Bundesliga. His agent Patrick Mendy claims Modeste would love the chance to once again work under former manager Peter Stoger.
"Dortmund are a big club and naturally they're interesting for Tony," the agent revealed while speaking to SportBild.
"It is no secret he feels comfortable in Germany and in the Bundesliga. We will listen to everything and then we'll see what happens until Wednesday [when the transfer window closes]."
If Dortmund can get bring in the talented Frenchman, Aubameyang's move to Arsenal should be sealed before Wednesday's deadline.