Reports in the media suggest that the Gunners are on the verge of signing the Argentina international from Real Madrid for a club-record fee.
Monreal has spoken about the speculation and admits that he "would love it" if Higuain joined him at the Emirates Stadium.
"I would love it. Higuain is a part of football, and I always loved how he played for Real Madrid," Monreal told Marca.
"He is a scorer and would be a reinforcement that we could really use. Arsenal are one of the biggest teams in England and this summer they are working towards good signings to break that [trophyless] streak."
Higuain joined Real Madrid from River Plate in 2007 and has scored 122 goals in 266 appearances for the club.