The Scotland international has impressed Gunners boss Unai Emery this season and has been linked with a summer switch to the Emirates.
Fraser has scored six Premier League goals for the Cherries as well as providing 10 assists, a haul that only Eden Hazard and Christian Eriksen have bettered this season.
The Daily Record has reported that Arsenal would not be the only club to benefit from Fraser’s sale, as Aberdeen would be owed a significant sum as part of the deal.
Fraser left Pittodrie for Bournemouth in 2013 for just £400,000, but the Dons inserted a clause into the deal that would see them take 20 per cent from any future sale.
With the winger’s value being quoted at around the £20 million mark, the Scottish Premiership side’s coffers could be boosted by £4 million.
A source told the outlet: “Derek (McInnes, Aberdeen manager) is keeping an eye on things, the interest seems genuine. That cash could make an enormous difference.”
Emery is believed to be chasing a winger and a box-to-box midfielder this summer, with Aaron Ramsey set to join Juventus at the end of his contract.
However, the club are unlikely to have a huge budget for squad improvements unless Champions League qualification is achieved.
Arsenal moved into third place in the Premier League table with a win over Newcastle on Monday.
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