Zarate – currently at Lazio – is valued at €40 million by his club and is looking for a move away from the Stadio Olimpico, according to his agent.
The Argentinian has netted 15 times in 50 league appearances for the Eternal City outfit since arriving from Qatari club Al-Sadd.
He joined Birmingham on loan in January 2008 and had an immediate impact at St Andrews, scoring twice in the club’s 3-1 win over Manchester City before eventually returning to the Middle East following the Blues' relegation.
The 22-year-old has yet to make his debut for Argentina, although coach Diego Maradona has revealed that the diminutive goal-getter is part of his plans.
His hopes of securing a place on the plane to South Africa this summer could be realised with a winter transfer to the Premier League, with Wenger thought to be mulling a move for Zarate to ease his striker crisis.
The Frenchman has admitted he is on the lookout for a new forward after losing Robin van Persie and Nicklas Bendtner through injury, with Russian playmaker operating as a makeshift striker as a result.
And Zarate's representitive, Jose Alberto Coppola has admitted that Arsenal have been in contact about the player, and that Manchester City tried and failed to bring him to England last summer.
"I am in touch with Arsenal," he told lalaziosiamonoi.it.
"A director of the English club asked me about Zarate. Arsenal want to increase their attacking potential and to do so are already prepared to offer the €40 million that will deliver him.
"Their intention is to succeed where Manchester City has failed last year, bringing Mauro back to the Premier League.
"Maybe this time they will succeed, because from what I know Zarate is a bit tired of the situation he is experiencing at Lazio."
While Zarate's British representitive Barry McIntosh has admitted that the player would be interested in returning to the Premier League.
"Mauro thoroughly enjoyed his time at Birmingham and he loves the Premier League," he told Sky Sports.
"We know the interest in him is big, I cannot say who, but there are some big clubs who would like Mauro."
