Manager Mikel Arteta is demanding significant investment to maintain domestic dominance and help the Gunners bounce back from a heartbreaking Champions League final defeat to Paris Saint-Germain.
Rashford enjoyed a highly productive loan spell at Barcelona, revitalising his career with 14 goals and 11 assists across all competitions.
Barcelona hold a £26 million option to buy as part of their loan agreement with United. However, recent transfer activity in Catalonia has put the Emirates Stadium club on high alert.
While Barcelona have consistently praised Rashford’s impact – which helped secure the La Liga title – they have refused to make his move permanent.
The situation has been further complicated by Barcelona’s £70m signing of Newcastle United’s Anthony Gordon.
This move makes it increasingly unlikely the club will exercise Rashford’s purchase clause before the mid-June deadline.
With a return to Old Trafford deemed highly unlikely, Rashford is expected to have plenty of options if the Barcelona deal falls through.
Signing Rashford will not be without hurdles, although United’s desire to clear his reported £325,000-a-week wages from their books could force their hand.
A move to the Emirates would offer Rashford a top platform to play at the highest level and stay in contention for England’s major tournament squads.
Arsenal’s primary summer target is Atletico Madrid’s Julian Alvarez.
However, the opportunity to sign an experienced winger of Rashford’s calibre at a potentially reduced fee could prove too tempting for the club to ignore.
