Midfielder Calhanoglu is set to leave Bayer Leverkusen this summer with the Gunners joining the race for the free-kick specialist, according to Turkish newspaper Aksam.
Calhanoglu has a £32.5m release clause in his Leverkusen contract – after joining the club three years ago from Bundesliga rivals Hamburg.
Arsene Wenger will have to beat the Serie A side and London neighbours Chelsea for his signature.
The in demand Calhanoglu missed a chunk of last season after he received a four match ban for breaching his contract at Trabzonspor in 2011.
United and Arsenal chasing Rodriguez
But Juventus, Inter Milan, Manchester United, Arsenal and Bayern Munich are also said to be monitoring his situation, according to Marca.
The Colombian, who turns 26 next month, joined the Champions League holders for £71million in July 2014.
He looks certain to leave during the summer transfer window and big-spending PSG are determined to add him to Unai Emery’s star-studded squad.
Onyekuru wants regular football
Arsenal target Henry Onyekuru has insisted he will only join a club where he will get regular first-team action.
The Nigerian had a stunning season with KAS Eupen in Belgium, scoring 22 goals in his debut campaign.
He has attracted interest from Arsenal, Dortmund and Roma, as well as West Ham.
Reports have suggested Arsenal are in pole position but Onyekuru has revealed he may not join a big club, reports Football.London.
“The first and most important thing for a player is to get playing time,” Onyekuru told KweséESPN
“I’m still young and I still have a long career to pursue but now I need to play.
“My agents are in talks with top clubs in the Premier League, Bundesliga, French league and others. If they accept our terms, then I’ll make a decision.
“It’s not just about going to a big club and sitting on the bench. It’s not good for me, or being loaned to a club where I won’t play or where I will struggle to play.
“The money can come later but for now, I just want to play to improve, not just to play for a big club,”
Arsenal release retained and released list
The French forward made just two Premier League starts for the Gunners following his move from Auxerre in 2013.
Sanogo scored just one competitive goal during four years at the Emirates, spending time on loan at Crystal Palace, Ajax and Charlton instead.
His solitary strike in an Arsenal shirt came against Borussia Dortmund three years ago.
Sanogo joins youngsters Stefan O’Connor and Kristopher da Graca in heading out the door.