The 20-year-old is currently wreaking havoc throughout Serie A, notching 14 goals and three assists in his first 17 league games. He's displaying the aggression and technical brilliance that have made him one of the most highly touted young players in the world, and his success has caught the attention of one Arsene Wenger.
Wenger recently gushed over El Shaarawy, saying "His philosophy fits perfectly with mine" and "I just say I love the way he plays."
Now, obviously a ringing endorsement does not always lead to a signing, but it's smart for Wenger and Arsenal set their sights on the young Egyptian star.
The Gunners scored five goals in a drubbing of Reading on Monday, but with the way their attack has struggled throughout the season, a little more firepower would certainly be welcome.
El Shaarawy would undoubtedly provide that, as he has shredded Serie A defenses throughout the past few months. He is an intelligent player with a knack for finding gaps along the back line, and as you can see from the video below, he's a threat to score from anywhere on the pitch.
El Shaarawy's right boot is a cannon, and with his fluid movement and strong vision, he's a nightmare for opposing defenders. As Wenger himself said above, his pace and creativity would also make him a natural fit with the Gunners.
Of course, a player of El Shaarawy's talent comes with a hefty price tag. As of now, it's rumored to be in the £20 million range.
But if Walcott decides to leave, there's no question El Shaarawy would be worth the current asking price. Strikers of his caliber don't come around often, and with the Gunners offense lacking of late, he would be the perfect addition to the club.