The midfielder has scored 37 goals in 130 appearances since making his debut for Dortmund in the Bundesliga outfit in 2013 but is now being linked with a move to the Emirates.
Henrikh Mkhitaryan is weighing up a move to Arsenal in the summer transfer window, according to reports.
Arsene Wenger is keen on Mkhitaryan and the Armenia international is considering joining the Gunners, according to The Guardian.
Mkhitaryan is under contract at Dortmund until 2017 and the German club are desperate for him to re-sign but the 27-year-old is believed to be torn over where he wants to be next season.
Mikel Arteta, Mathieu Flamini and Tomas Rosicky are all expected to leave Arsenal at the end of the season and Wenger is looking to bring in midfield reinforcements.