Wenger is under immense pressure in north London as calls for his sacking reach a high, and ESPN FC's Mark Ogden reported sources close to the club have said Low will be the "leading candidate" to succeed Wenger.
The 58-year-old has spent almost 12 years in charge of Germany's national team and will lead Die Mannschaft to the World Cup this summer for the third time.
While faith in Wenger has slumped at the Emirates, Low is looking to make international history in Russia this summer as he seeks to defend the World Cup, per FIFA's official Twitter account:
Low will be a tough target to lure, considering he has a contract with Germany that runs until 2020, meaning he likely already has plans to lead them at the next European Championship, per the Press Association (h/t the Guardian).
A recent survey conducted by the Arsenal Supporters' Trust indicated an overwhelming majority of its members wish to see Wenger leave the club after 22 years in charge, per Football.London:
Low isn't the only candidate in Arsenal's sights, though, and Sami Mokbel of the Daily Mail reported AS Monaco boss Leonardo Jardim and former Gunners midfielder Mikel Arteta—now a coach at Manchester City—are in the running.
ESPN's Alex Shaw provided further context on the discontent at the Emirates and how the fans may not be the only ones in north London hoping for a change in leadership:
The Gunners look to be in need of change and are facing the prospect of ending a season without a trophy for the second time in three years—the UEFA Europa League is their last chance at winning a title this term.
Football writer Lars Sivertsen remarked upon the change in power balance between them and rivals Tottenham Hotspur as evidence of their decline:
Low first joined Germany's setup as an assistant coach to Jurgen Klinsmann in 2004, but he could also represent a risk returning to club football after 14 years away, his last domestic position being at the helm of Austria Vienna.
Some might see the World Cup-winning manager as an ideal target to succeed Wenger, but Low's contract commitments and any reluctance to leave Germany may place him beyond Arsenal's reach.