After an excellent first campaign with the Glasgow giants, 20-year-old Dembele is being targeted by a number of European football's biggest clubs and there is a possibility that he could be sold this summer.
It has previously been suggested that Celtic would not be prepared to sell the forward until after the Champions League qualifying rounds, but it appears that stance will not put off interested clubs.
According to the Daily Star, Wenger could join the race for his signature should they receive a suitable offer for star man Alexis Sanchez.
The Gunners do not want to lose the Chilean attacker - who has just 12 months left on his existing deal - but they may be tempted into a sale if they can secure another high-profile signing to replace him.
Alexandre Lacazette has already arrived from Lyon, but Wenger remains intent on making an impact in the transfer market and he would welcome the chance to work with a player who netted 32 goals last season.