The Emirates Stadium skipper is widely expected to rejoin the Catalan giants before the start of the new season, with Pep Guardiola's side having had one offer for Fabregas' services rejected by Arsenal.
Wenger has already secured the signature of Gourcuff's former Bordeaux team-mate Marouane Chamakh, and the Arsenal supremo is believed to be keen to reunite the attacking pair that led Les Girondins to the Ligue 1 title in 2009 and Champions League quarter-finals last term.
"While every effort is being made to keep Cesc at the club the boss is working towards an alternative,” an Arsenal source told The Sun.
"He [Wenger] believes Gourcuff's finesse and grace will fit perfectly to Arsenal's way of playing and will make it an almost seamless transition if Cesc does go."
The 23-year-old made an immediate impact in his first season on loan at Bordeaux from AC Milan as the French club romped to the title.
Bordeaux finished a disappointing sixth last year and failed to qualify for the Champions League, something that would make Arsenal an attractive proposition.
Lyon - who knocked Bordeaux out of the Champions League at the quarter-final stage in 2009/10 - were thought to be Arsenal's main rivals for Gourcuff's signature.
However, the former French champions have since ruled themselves out of the running after club president Jean-Michael Aulas revealed that the player's asking price is too high.
"We are interested in Gourcuff because we think he is a very good player but we are not in the market for him as the price ranges from 25 to 30 million euros."
By Dan Ross
INTERVIEW:Yoann Gourcuff
