The Gunners have, to date, made Ajax stopper Thomas Vermaelen their only close-season capture for around £10 million.
While Emmanuel Adebayor and Kolo Toure have already departed for Manchester City, with defensive duo Phillipe Senderos and Emmanuel Eboue being linked with moves to Everton and Fiorentina respectively.
However, according to Press Magazin, manager Arsene Wenger is weighing up a move for Serbian international Subotic to bolster his back-line.
The 20-year-old 6ft 4in centre-back made 33 league appearances last season - netting six times - after arriving from Mainz.
And having also made his international breakthrough, interest in the youngster has inevitably intensified, with Chelsea and Manchester City also believed to be monitoring the starlet's progress.
Speaking last month, Subotic admitted it was too soon for him to be thinking of a big-money move abroad, but revealed he would be willing to move on should a club make an offer that is too good to turn down.
"I am just 25-years of age in five years time. If I would have the desire to move on that would still be a good time," he said, as reported by Bild.
“I made progress at Dortmund last season and it would be too early to move abroad.
"I still have a lot to learn. At this point in time it would take an extraordinary bid to see me leaving.
“This would be great for both, Borussia Dortmund and me. They would have big money and I would know that this new club is really interested in me as a player."
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