Having finalised a deal last summer, William Saliba will leave the French outfit for the Emirates Stadium during the next window.
However, according to But! Football Club, the Gunners are open to the possibility of signing a second player from the Ligue 1 side.
Fofana, who will not turn 20 years of age until December, has featured alongside Saliba in the centre of Saint-Etienne's defence this season.
In total, 23 appearances have been made in all competitions, 16 of which have come in France's top flight and the Europa League.
One likely stumbling block is the time left on Fofana's contract, with the prospect tied to Saint-Etienne until 2024.