But the Gunners fear the move could fall through following their failure to qualify for the Champions League.
The right back is primary target for Unai Emery, who worked with Meunier in the French capital. Emery has made signing Meunier one of his top summer priorities.
Arsenal boss Unai Emery wants to sign PSG right back Thomas Meunier (pictured) this summer
But Arsenal’s lack of transfer funds, exacerbated by their failure to qualify for the Champions League for a third consecutive season, has cast doubt over the move.
The club are still actively working to clinch a move for the Belgium international but are trying to persuade PSG to lower their £30m asking price.
Arsenal have a guaranteed budget of around £45million, meaning they would blow more than half their budget if they were to meet Meunier’s valuation.
Emery wants to bolster his squad but may be restricted by a lack of Champions League football