Spurs manager Mauricio Pochettino is said to be interested in brining the star to White Hart Lane as a strike partner for Harry Kane.
The Leicester Mercury, meanwhile, suggest Slimani - an Algeria international team-mate to Riyad Mahrez - could join the Foxes.
Islam Slimani - Spotlight on
A move to the champions could certainly be a favourable option for Slimani, especially if Jamie Vardy is sold off to the highest bidder this summer.
The Daily Mail claim Vardy, 29, is available for £20m.
As for Arsenal, manager Arsene Wenger notoriously likes a bargain and Slimani comes in relatively cheap at £23.3m compared to other options on the market.
Wenger is seeking a forward after losing Danny Welbeck to knee surgery for nine months, with Napoli's Gonzalo Higuian and Paris Saint-Germain's Edinson Cavani previously linked with the north London club.
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