Arsene Wenger is a long-term admirer of Schneiderlin and believes the £20 million-rated Frenchman will add steel to Arsenal’s midfield ahead of a potential title challenge next season.
Schneiderlin, 25, remains a target for Tottenham, who tried to sign him last summer, when Southampton refused to entertain any bids for their star midfielder.
Goal understands that Chelsea and Manchester United are also closely monitoring Schneiderlin’s situation as they weigh up entering a bidding war.
Southampton have offered Schneiderlin a new contract worth £60,000-a-week to stay at St Mary's but he is keen to move to a bigger club and play in the Champions League.
His relationship with the Saints board also remains strained as he feels the club broke promises to listen to bids for him last summer.
Arsenal have considered James Milner as a cheaper alternative on a free transfer but Wenger is believed to have given the green light for a move for Schneiderlin.
The France international would compete for a place in the Gunners side with Coquelin, who has been in exceptional form since breaking into the side in December.
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