With the current position of Arsenal in the league and its is looking possible that they might be playing in the Champions League competition next season for the first time in 6 years, to make it possible they are looking for a possible way to strengthen their squad and several players are on the watch list. Recently, there has been a huge interest on Leicester City midfielder which he was set to leave this summer as he has a year left on his contract till 2023, Arsenal have made an approach but Youri Tielemans could only move to a club which will be participating in the Uefa Champions league which there is an advantage for Arsenal to make the transfer happen.
Real Madrid are also interested in signing him but I believed he would rather chose Arsenal because of the amount of Midfielder Real Madrid has and it is likely he doesn't get to play in the first team which I am sure he won't be happy with. With Granit Xhaka and Mohammed Elneny which could likely part way with the team, there is a chance for a first team playing for him and he will get to play in the Champions League too if Arsenal qualify. Its best for Leicester City to let him go because he has turn down the contract offer proposed by the team and Leicester City have made up their mind to allow him leave.
With the decision he made not to renew his contract the team will still get a reasonable amount on his transfer as he was valued around £35-40 Million which I believed it won't be hard for Araenal to pay. No offer as been made by Arsenal but there is talk going on about signing him which could yield good results soon.
This would be a great signing for Arsenal and I heard they are trying to buy Gabriel Jesus too.