With a transfer for Malaga's winger Santi Cazorla looking close to being wrapped up, the capture of highly-rated midfielder would go a long way towards justifying the Gunners' viability in the transfer market (via Sky Sports).
Madrid only signed Sahin from Bundesliga club Borussia Dortmund last summer in a high-profile move, but injuries and poor form have since resulted in boss Jose Mourinho making the player available to Premier League clubs on a temporary basis.
With the return date of injured midfielder Jack Wilshere still uncertain, Sahin would certainly get plenty of opportunity in Arsenal's line-up.
Whilst at Dortmund, the Turkish international rose to prominence as one of world football's most promising youngsters, playing in over 150 games and scoring 13 times for the German club.
He has also been capped 31 times for his country, last scoring in an international friendly against Georgia.
With star striker Robin van Persie having demanded to leave North London last month, Wenger has not hesitated in attempting to rebuild his team.
There is no doubt that last summer's transfer window fiasco—when Arsenal made several rash signings to replace departing players—will be fresh in his mind.
But with the Premier League season slated to begin in less than a month, it looks like Arsenal will be ready for action come August 18, as deals for both Sahin and Cazorla could be wrapped up next week.