The Cherries star is understood to be high on Unai Emery’s wishlist.
Fraser fits the bill for what the Arsenal manager wants to strengthen his attacking options.
Starsport understands the 25-year-old caught Emery’s eye with his standout performances last season.
And Fraser’s impressive form in the Premier League has encouraged him to seek a move away from Bournemouth.
The Scotland international has less than 12 months remaining on his current contract.
As a result, Bournemouth must either tie him down to a new deal, let him leave for free next year or cash in this summer.
Arsenal will hope they can persuade Eddie Howe’s side to do the latter if they fail to land top target Wilfried Zaha from Crystal Palace.
But Bournemouth are doing their best to keep hold of Fraser and are understandably reluctant to flog the pacy wideman.
“The Arsenal target wants to go to a bigger club”
According to the Mirror, Bournemouth have decided they would rather lose him for nothing in a year than sell him before the transfer deadline in August.
Fraser is so important to the team at the Vitality Stadium that Bournemouth are ready to play with fire over his future.
The Arsenal target wants to go to a bigger club but may end up being forced to stay put.
Howe could table him a fresh contract offer yet, having last been tabled a new deal as far back as last Autumn.
However, that may prove futile given the current situation.
For now, the Mirror add Fraser remains in limbo and does not know where he will be playing come the start of the new Premier League season.
Team-mate Callum Wilson has been offered a five-year deal worth £100,0000-a-week following interest from top-flight rivals such as West Ham.
But it is expected Fraser’s most recent offer during the first half of last season was lower than the figure the England striker has been tabled.
At the Emirates, Fraser could certainly earn more as a member of their starting XI.