Arsene Wenger is thought to be prepared to embark on a big spending spree in the summer, with the Gunners poised to endure title failure again this campaign.
The Daily Mirror claim the north London outfit are prepared to challenge Chelsea for Manolas.
It is also thought the Gunners will make a concerted effort to land Granit Xhaka and Alvaro Morata.
Juventus forward Morata has piqued the interest of Wenger, and the 23-year-old could be bought back to Real Madrid before immediately being sold on by the La Liga giants for a big profit.
Arsenal, the report suggests, tried to sign Manolas two years ago.
However, they baulked at his £12million asking price wanted by then-club Olympiakos.
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