The pair are considered two of European football's brightest prospects and would add depth to Gunners manager Unai Emery's squad should Arsenal acquire them.
Darren Wells of the Mirror reported Arsenal head of recruitment Sven Mislintat is sounding out the young prospects and wants to bring both prodigies to north London.
Sarr has impressed in Ligue 1 since he made his debut for Metz in 2016, but the 20-year-old has improved since a 2017 move to Rennes. The Senegal international scored five goals and five assists in 24 Ligue 1 appearances last term, and his versatility makes him a threat across the entire attack.
Sarr can feature on either wing and has the ability to play as a striker when required. His fluidity makes him a typical Arsenal player, as he has the skill set to feature in a high-tempo game.
Havertz recently made his full debut for Germany despite being only 19, and he recently became the youngest player to reach 50 Bundesliga appearances.
The teenager has everything needed from a modern-day central midfielder and can play on the front foot without neglecting defensive duties.
Both talents are well-suited to the English game, and big clubs will scout them ahead of the forthcoming January transfer window.
According to the Bundesliga's official website, Havertz has said he wants to become a regular for Germany in the next couple of years. Speaking shortly before he made his debut for his country, the player recently said:
"I'm 19. I'm still young and need to put the work in. I've one-and-a-half good Bundesliga seasons behind me, so I should be aiming for a first Germany cap in the not-too-distant future. I'll be 21 at Euro 2020 - I think that's a reasonable ambition to have and I'll do everything to play my way into contention. I'm pretty relaxed about it, but it's at the back of my mind and it's something I want after seeing some of my friends play at the World Cup."
Emery has made an impressive start to life in the Premier League, and his team are playing an attractive brand of football.
However, Arsenal fans will be most impressed with how their side are winning games despite the club's transitional stage.
Results show former manager Arsene Wenger left a healthy squad, and Emery has quickly moulded a technically advanced team.
Sarr and Havertz would be hungry additions, and both have the potential to be first-team participants if Arsenal can tempt them to the club.