The Gunners are believed to have identified the England international as a transfer target, with the North London club keen to improve their attacking options for the 2020-21 campaign.
The report claims that the playmaker would expect a salary in excess of the £110,000 a week that he currently earns at the King Power Stadium.
As a result, Arsenal would need to move a number of players on before the end of the window in order to afford the 24-year-old's pay packet.
Maddison, who still has three years left to run on his contract with Brendan Rodgers's side, played 71 minutes of last weekend's 1-0 win over Manchester City in the Community Shield. body check tags ::