But both clubs may be set to miss out on the Dalian Yifang star due to the Chinese outfit playing hardball.
Carrasco has made it perfectly clear that he wishes to leave Asia after only 16 months.
Dalian are said to have slapped a £30m price tag on the former Atletico Madrid star.
But Belgian journalist Kristof Terreur claims the club aren’t letting Carrasco go without a fight.
“Transfer status: it’s complicated. Arsenal and Bayern have been in touch over Yannick Carrasco,” he tweeted.
“The player wants to return to Europe, but Dalian Yifang are playing hardball. #afc.”
Arsenal will again be forced to watch their spending this summer as Unai Emery faces another window with little funds at his disposal.
But with Carrasco openly admitting that he wants a return to Europe, the Gunners are likely to meet Dalian’s demands.
“The whole world knows that I want to return to Europe,” he said.
“Now, it depends on the president and I hope he finds a solution.”
But the Belgian was less than forthcoming when quizzed specifically about Arsenal.
“I can’t speak about the club,” he added.
“Now I am not the one who chooses, but my president.
“He decides if he lets me go or not, but I hope I can come back.”
The Gunners will be on the lookout for some new attacking outlets after losing Aaron Ramsey, Danny Welbeck and loanee Denis Suarez in recent weeks.
Carrasco showcased his talent when plying his trade for Atletico Madrid before securing a mega-money switch to the Chinese Super League.
The 25-year-old has spent little over a year at the Asian outfit but has now revealed his desire to leave on multiple occasions.
Carrasco was used by Belgium in their recent European qualifiers against Cyprus and Scotland.