The Gunners have identified Tielemans as one of their top targets as Mikel Arteta plots another big summer in the transfer market.
About to enter the final year of his contract at Leicester, Tielemans has given no indication that he will sign an extension and looks set to leave the King Power Stadium.
That has sparked interest from several clubs including Arsenal, who have made a new midfielder a priority this summer.
Barcelona, Real Madrid and Tottenham have also been keeping tabs on Tielemans over the past year.
The 25-year-old is yet to decide his next move but is keen to play in the Champions League, so Arsenal would significantly boost their chances of signing him by securing a top-four spot.
The Gunners are currently fourth and can confirm a place in the Champions League next season if they beat Tottenham in Thursday’s crunch north London derby.
It is thought Tielemans could be available for a fee of around £30million, but that amount could increase if several clubs make concrete offers.
Arsenal are also interested in Wolves midfielder Ruben Neves, who they tracked last summer when it looked like Granit Xhaka could join Roma.