The Gunners want to sign at least one striker this summer and Jesus has emerged as their top target ahead of the summer.
Arsenal have sounded out the forward and the Brazilian is believed to be open to leaving if the right project is on offer.
However, Arsenal are considering their plans after being told about Manchester City’s valuation of the player.
The Gunners have been left surprised by Manchester City’s £55m asking price for Jesus this summer.
Given he only has a year left on his contract, Arsenal believed the transfer fee would be lower.
However, Manchester City believe his contributions warrant such a fee and they also want to recoup the €60m they paid for him.
Pep Guardiola would prefer to keep him but is prepared to let him go if the striker wants to leave.
Jesus’ playing time is likely to be affected next season given Manchester City have invested big money in Erling Haaland.
Arsenal are amongst six clubs who are interested in getting their hands on the Brazilian this summer.