Mikel Arteta is eager to strengthen at the back amid the challenging financial environment created by the coronavirus crisis.
A long-term partner for William Saliba has been earmarked as a priority and Arteta's dream signing has been identified.
According to Bleacher Report, Upamecano is at the top of the wish list amid his impressive progression at Leipzig.
Arsenal's difficult economic circumstances - further complicated by a fourth year without Champions League football - means they will struggle to trigger his €60million (£55m) release clause.
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Arteta issued a transfer message to club chiefs after Wednesday's impressive win against Premier League champions Liverpool.
When asked if he will have the finances that he needs to transform the first-team squad, Arteta admitted: "I don't know."
He added: "It's a big concern because you just have to see how they build those squads and there's no magic.
"You need to improve with quality, quality players to the squad and you need bigger squads to compete in this competition. That is the challenge."
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