The Schalke midfielder has long been linked with a switch to the Premier League because of his dual nationality between Germany and England.
When asked about the prospect of one day turning out for the Gunners, the 21-year-old refused to rule out the possibility.
"I have always said that my aim is to come to the Premier League one day because I love the league," Holtby told talkSPORT. "My father is English and of course my favourite teams are Everton and Arsenal.
"It would be a massive move because Arsenal players were always my favourite. They play nice one-touch football, they're offensive, have young players, a great stadium and a great city so it is a nice club.
"My thoughts now are first with Schalke but you never know."
Holtby has made two appearances for the German national team.