The Gunners had identified Monchi as their number one target for the role and he appeared to be closing in on a move to the Emirates after leaving Roma earlier this month.
However, the transfer guru instead agreed a deal a return to his former club Sevilla on Sunday, ending hopes that he could team up with Unai Emery for a second time in London.
Arsenal’s attention has now turned to Ajax technical director Overmars, according to The Telegraph.
The 45-year-old spent three seasons with the club as a player between 1997 and 2000, winning the Premier League and FA Cup.
Arsenal are keen to fill the role quickly, as the departure of recruitment head Sven Mislintat earlier this year has left a gap in the recruitment department.
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