The Brazil international scored 12 goals and provided five assists in Ligue 1 last season.
But his place in Paris Saint-Germain’s starting line-up has come under jeopardy since the summer arrivals of Neymar and Kylian Mbappe.
In fact he has been limited to just 12 minutes of action so far this season during the 5-1 win over FC Metz earlier this month in which he got on the scoresheet.
Lucas was heavily linked with a move away from the Parc des Princes in the summer with reports suggesting Unai Emery regards the winger as surplus to requirements.
He opted to remain but seeing his minutes diminish fast with the World Cup next year, he could be on his way for a move in the January transfer window.
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According to Italian outlet transfermarketweb, Arsenal are ready to enquire about the 25-year-old in the new year.
It is claimed a deal is more likely to happen if one of Ozil or Sanchez leave the Emirates in four months time.
The Arsenal duo are out of contract at the end of the season and are therefore able to begin pre-contract negotiations with clubs six months before the end of the season.
Arsene Wenger has remained confident the Germany international will sign but it is looking increasingly likely that Sanchez will depart, with Manchester City reportedly keen to come back with another bid after their offer on transfer deadline day was declined.