The Gunners are understood to be targeting a winger, and the Mirror's John Cross wrote Fraser is interesting the club following the most productive top-flight season of his career so far.
Fraser, 25, has recorded 10 assists and scored six goals in 32 top-flight appearances. He's started every league game under Eddie Howe and has already eclipsed his previous best for goals netted in a single campaign (six).
Fraser formed a lethal combination with Bournemouth striker Callum Wilson at the beginning of the season.
Paul Joyce of The Times wrote Fraser's ability to play on either flank is a factor in the interest of Arsenal, who signed Denis Suarez on loan from Barcelona in the winter but look unlikely to take up their £18 million option.
Suarez is a versatile midfielder, but Fraser is much more committed to his responsibilities on the flanks and could help offer some much-needed width at the Emirates Stadium.
The player has made only six appearances for his country but is fast becoming a key figure for Scotland, per OptaJoe:
Striker Pierre-Emerick Aubameyang, Mesut Ozil and Henrikh Mkhitaryan are some of the players often fielded out of position on the wings at Arsenal this season. Danny Welbeck has also played most of his football for the club out wide, though he could be released when his contract expires this summer.
Fraser has a deal with Bournemouth until the summer of 2020. That means he could be a more affordable option if the Cherries get the sense he's unlikely to pen an extension on the south coast.
Arsenal failed to make any major additions in January despite a host of injury issues. Aaron Ramsey will also leave for Juventus this summer, and a box-to-box presence is another priority at the end of this season.
Emery did make some recruitments during his first summer in charge of the team, though former Daily Mail writer Jonny Singer recently expressed concern with their lack of depth:
Alexis Sanchez, Alex Oxlade-Chamberlain, Serge Gnabry and Theo Walcott are each examples of natural wingers who have left Arsenal in the past three seasons.
Fraser could be up for grabs as he prepares to enter the final year of his contract at the Vitality Stadium, and the Scot may struggle to turn down the interest of the Premier League's elite.