The 26-year-old German international has seen his Westfalenstadion side fall well off the Bundesliga title pace since his move to the club three years ago.
Reus helped Dortmund to the Champions League final in his first season at the club but things have taken a turn for the worse in recent campaigns.
Last season Borussia Dortmund failed to secure a Champions League berth and popular manager Jurgen Klopp left the club following the club’s disappointing seventh place finish.
The Daily Telegraph claim Liverpool are also in pursuit of Reus and that it would take a bid of around £50m to convince Borussia Dortmund to sell.
Anfield boss Brendan Rodgers has invested heavily in his squad this summer whilst Arsene Wenger’s only summer purchase has come in the form of Arsenal’s successful capture of Chelsea keeper Petr Cech.
A potential move to Arsenal would see Reus unite with fellow countrymen Mesut Ozil and Per Mertesacker and offer Wenger a strong goal-scoring weapon that can ably link midfield and attack.
Arsenal director Lord Harris has heightened speculation over a possible move by the north London side for a marquee signing this summer.
Lord Harris has claimed Arsenal have £200m ‘in the bank’ (via the Daily Mail) and has asserted his side’s likely capture of a forward, the 72-year-old stating;
“We get a list of the players that Wenger wants,”
“On the list is a centre forward, but I’m not going to tell you who he is. I think he wants to come.” (via the Daily Telegraph).
Reus has netted 53 goals in 119 appearances for Borussia Dortmund, a tally that is all the more impressive when you consider his side’s recent lean spell.
If Arsenal were to secure a £50m deal for Reus then this would smash the club’s current transfer record.