The Gunners were strongly linked with a move for the Swede last summer, and it is understood that the English club also had an offer turned down for the versatile attacker during the January transfer window.
The 26-year-old has only scored one Bundesliga goal during a frustrating 2017-18 campaign, but Honigstein has tipped Arsenal to reignite their interest at the end of the season.
"Emil Forsberg has been in and out of the [RB Leipzig] team with injuries, and they've really missed him a lot," Honigstein told the Totally Football Show podcast.
"He is still a guy who really wants to go to the Premier League. He was very upset when Arsenal's offer was turned down straight away by Leipzig. I think [Arsenal] will come back in for him because he has got a lot of talent."
Forsberg scored eight Bundesliga goals for Leipzig last season.