French media outlet Foot Mercato, as quoted by Metro, is reporting that the Gunners will meet with the Belgium international's representatives this week to discuss a potential transfer.
The big Belgian midfielder - who cost United £27.5m in 2013 - will be a free agent when his contract expires at the end of the month.
With such high transfer fees comes high wages, and new Arsenal manager Unai Emery has reportedly been handed a transfer budget of just £50 million to work with this summer, thus making a free transfer for somebody of Fellaini's pedigree a tempting proposition. While United want to sign him to a new contract―manager Jose Mourinho is a fan of the Belgian―the former Everton man has made a decision to keep his options open as he wants to be a regular starter. While there is nothing that Mourinho can do to stop Fellaini from joining whoever he wants to, he may finally put pressure on the board to offer the midfielder a greater incentive to stay at the club.
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According to the same story, the Gunners are ready to challenge Serie A giants AC Milan for the Belgian midfielder's signature in the current transfer window.
Fellaini has also been linked to Paris Saint-Germain and Marseille.