The Gunners have already wrapped up the signing of Lukas Podolski and are reportedly closing in on a deal to bring Yann M’Vila to the Emirates Stadium.
However, the uncharacteristic spending doesn’t look likely to end quite yet.
Dembélé is supposedly being watched by a number of European sides including Tottenham Hotspur and Liverpool.
Arsenal have what could turn out to be a vital advantage over their English counterparts in that they have automatic qualification for next season’s Champions League while Spurs missed out thanks to Chelsea’s triumph in the competition.
Dembélé could be one of a number of stars set to leave raven Cottage this summer with Clint Dempsey also on the wishlist of some teams.
The Belgian international has been one of Fulham’s more promising stars in the Cottagers’ setup and his more youthful age of 24 is said to be a big factor in the switch of attention.
With Jack Wilshere’s on-going injury troubles, Arsenal were without a recognised playmaker for much of last season and could have found themselves in the dark were it not for a surge in form, courtesy of Tomáš Rosicky.
Dembélé made a massive 48 appearances for Fulham last season, scoring twice and registering four assists for the club in the process.
The former AZ Alkmaar attacker has steadily integrated into the pace of the Premier League and looks to be improving the more he plays.
Dembélé now has just a year left on his contract and rather than risk losing their player on a free next summer, Fulham may be smart to cash in their attacking midfielder now.
One can’t say exactly where the playmaker’s heart lies but the amount of interest regarding his signature is mounting considerable.
Should Dembélé leave Craven Cottage, his signature is thought to be valued at around £8.5m.