The story is said to have emanated from online reports in Norway, suggesting that a number of top clubs are monitoring Musa's progress.
Musa currently plays for Dutch side VVV Venlo and has earned rave reviews for his dynamic attacking performances.
Pace, versatility and flair are the trademarks of his game, and those will certainly appeal to Arsene Wenger. Musa is comfortable in both wide and central areas.
For a player so young, Musa already has a decent international pedigree, having represented Nigeria on 34 occasions and netted 10 goals.
His international experience would likely make any potential transfer easier to facilitate, as it increases the chances of Arsenal securing a work permit.
The question is: where exactly would Musa fit in at Arsenal? The current squad is filled with players competing for the same positions he can play.
For VVV, Musa has predominantly operated on the right side. Given Theo Walcott's inability or unwillingness to truly thrive out on the flank, maybe Arsenal see Musa as a more suitable replacement.
But the Nigerian prodigy would face plenty of competition from fellow starlets Alex Oxlade-Chamberlain and Ryo Miyaichi, as well as from the more experienced Gervinho and Yossi Benayoun.
Wenger's reputation for identifying and developing young talent is well known and respected. But as exciting a prospect as Musa undoubtedly is, Arsenal's current struggles may require more immediate solutions if the club want to maintain their top-four status.