Swansea have a £19m buy-out clause for the striker, but chairman Huw Jenkins is likely to demand more.
The 25-year-old scored 25 goals, including 16 in the Premier League and was a £20m target for Liverpool earlier this summer.
Arsenal are also understood to be looking at bringing in West Ham centreback Winston Reid, 26, as defensive cover. With just a year left on his contract, Reid could be available for around £3m.
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