Sarr scored the winner as the Ligue 1 side defeated the Gunners 3-1 in the first leg of their Europa League last-16 clash at Roazhon Park.
Goal France understand that the two clubs began preliminary talks about a move after the match last Thursday, and an offer could materialise in the next few months.
The 21-year-old is believed to have been scouted by Arsenal for several months and continues to interest the Premier League club despite their recent departure of head of recruitment Sven Mislintat.
Sarr, a Senegal international, has scored 10 goals and contributed 11 assists in 38 appearances across all competitions for Rennes this season.
The two teams meet again for the return leg at the Emirates tonight, with a place in the quarter-finals at stake.
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