While the Gunners are thought to be nearing an agreement over a new deal for Folarin Balogun, two other strikers in Eddie Nketiah and Alexandre Lacazette are about to enter the final year of their Emirates contracts.
Despite his two-goal showing at Sheffield United, Lacazette is being heavily linked with a summer exit from Arsenal, who are thought to be eyeing up fresh faces for their forward line ahead of the 2021-22 campaign.
Edouard has been mentioned as a possible signing for the Gunners, but according to The Telegraph, Leicester are also in the running to sign the former Paris Saint-Germain youth product.
Edouard worked with current Foxes manager Brendan Rodgers during the Northern Irishman's time with Celtic, so Leicester supposedly believe that they are in a stronger position than Arsenal to land the 23-year-old this summer.
A host of unnamed European clubs are also said to be in the running to sign Edouard, who has struck 20 goals in 34 appearances across all competitions this term, and his existing deal at Celtic expires next summer.