Diario Gol claim that the Gunners have informed Bale's current club Real Madrid of their interest in the Welshman, who has been linked with a move away from the Santiago Bernabeu as part of a planned squad overhaul this summer.
Sky Sports pundit and transfer guru Guillem Balague believes that Bale will leave Madrid this summer, and thinks that England is the most likely destination.
“A return to the Premier League is of course on the cards but it would be foolish for Bale not to explore all opportunities,” he said. “The Premier League is the target but a move to Bayern Munich would make sense as well, if that’s the route they decide to take."
Bale joined Madrid from Tottenham for what was then a world record fee of £86m in 2013. He has scored 79 goals in 179 goals for Los Blancos but has had to live in Cristiano Ronaldo's shadow, and has never been a fans' favourite at the Bernabeu.
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He has chipped in with 12 goals this season but has struggled with hamstring and calf injuries which kept him sidelined for over two months. Among the games he missed were both reunion matches with Spurs in the Champions League group stages.
A move to Arsenal may seem unlikely but it would be a statement from the Gunners, who need a creative spark to replace Alexis Sanchez after the Chilean joined Manchester United in January.