The Saint-Etienne star has been heavily linked with a move to the Emirates in recent weeks.
But Wolves have now entered the race to sign Saliba, according to Yahoo Sports France.
Nuno Espirito Santo’s outfit have approached the Ligue 1 outfit to enquire about a move.
Wolves have a healthy transfer kitty to spend this summer and will be eyeing big-money moves in the hope they can break into the top six.
Roma could also make a last-ditch attempt to sign Saliba in the coming weeks.
Yahoo also claim Arsenal have submitted a second bid for the 18-year-old, which this time comes close to Saint-Etienne’s demands.
The Gunners have a limited budget to work with this summer but will have to part ways with around £20m to land Saliba before next month’s transfer deadline.
The youngster will be loaned back to Saint-Etienne for another season should the move materialise.
But Saint-Etienne chiefs appear in no rush to push a transfer through.
“Our accounts are balanced, so there’s no imperative need to sell him,” club chairman Bernard Caiazzo told French outlet But!
“We know there are solicitations and that his future will be via a top European club, but there’s no rush.
“He will stay this season.
“That’s an imperative condition if we are to find an agreement for his transfer.
“We’ve clearly defined the conditions.
“It’s also William’s wish. He wants to wear the green shirt this season, to play in the Europa League, and he wants to get better before leaving.”
Gunners hero Kevin Campbell thinks a move for Saliba, as well as Celtic’s Kieran Tierney would impress the fanbase.
”It’s no secret that Arsenal’s defence wasn’t as good as it should have been last season,” he told Football.London.
“Laurent Koscienly has been a real servant to the club but he’s approaching veteran stage and needs to be replaced.
“Nacho Monreal is 33 years old and not getting any younger while it’s fair to say Shkodran Mustafi hasn’t played well.
“Arsenal need to solidify their defence. I know they’ve been linked with a lot of players such as Thomas Meunier, Samuel Umtiti, Joachim Andersen and Armando Izzo – who are all good players but I would pull out all the stops to get William Saliba.”