The Armenia international has enjoyed a stunning season at the Westfalenstadion, scoring 19 goals and assisting 23 in all competitions so far.
And according to German publication Bild, the 27-year-old has caught the attention of Gunners manager Arsene Wenger with a number of impressive displays.
But Wenger may struggle in his bid to land Mkhitaryan, with Liverpool boss Jurgen Klopp - who signed him at Dortmund - reportedly keen to bring him to Anfield.
The German tactician added fuelled the transfer rumours earlier in the season after hailing the former Shakhtar Donetsk man as 'world class'.
"When it comes down to it, 99 per cent of people would be happy to have Mkhitaryan’s problems," said Klopp, who left Dortmund at the end of last season.
"There is no doubt in my mind that he is one of the most talented players in the world. He possesses an incredible combination of speed and technique. There’s very, very few you can say that about."