According to the Telegraph's Jeremy Wilson, Mbappe "has indicated" his potential interest in the Gunners because of manager Arsene Wenger's track record of bringing through young talent.
The 18-year-old has a price tag in the region of €130 or €140 million but is taking his development into consideration as he decides on his future.
As Wilson noted, Mbappe has caught the attention of Europe's elite, and Real Madrid have already made a €120 million bid for him, albeit it was turned down.
Football writer Liam Canning believes the youngster would be better served staying put this summer than joining the Gunners:
Remaining at Monaco would indeed help Mbappe continue his impressive development, as the minutes he needs are much more readily available than they might be elsewhere.
However, Arsenal might also be a good option. Unlike in Madrid, there's little doubt Mbappe would walk straight into the Gunners' first XI, so game time would likely still be plentiful at the Emirates Stadium.
Further, Wenger's transformation of Thierry Henry—with whom Mbappe is so often compared—into a world-class talent serves as an encouraging template for the wonders he could potentially work with Mbappe.
Bleacher Report's own James McNicholas believes those two issues could work in Arsenal's favour this summer:
Landing his signature ahead of the likes of Real will still be exceptionally difficult for the Gunners, particularly as they can't offer UEFA Champions League football next season.
What's more, there is a "serious doubt" as to whether Arsenal will be willing to pay the money required to land him, according to Wilson.
His capture will require an enormous sum, so the traditionally frugal Gunners would have to step out of their comfort zone and break the bank.