The Germany international has a 42.1 million pound release clause but the Gunners could secure a cheaper deal as they look to fill the void left by the injured Per Mertesacker.
Arsenal has opened talks with Valencia over a move for Shkodran Mustafi, according to Sky Germany.
The 24-year-old center back has a £42.1 million pound ($55.4M) release clause but the Gunners could potentially do a deal for £25.3M ($33.3M) plus another £8.4M ($11.1M) in add-ons.
Mustafi spent three seasons at Everton after joining from Hamburg in 2009 but failed to make a Premier League appearance under David Moyes before joining Sampdoria on a free transfer.