Gyamfi is out of contract at the end of June and according to the Daily Record, the Gunners have identified the 18-year-old as a potential transfer target.
Manchester United, Feyenoord and as well as Scottish giants Rangers are also credited with an interest in the starlet who failed to make a first-team appearance for the Foxes.
The youngster has made 11 outings for Leicester’s Under-18 outfit this term.
It is expected that there will be a tug of war for Gyamfi with Arsenal stepping up their pursuit to secure his services when the summer window eventually opens.
Leicester hopes to keep him at the club, but it will be very difficult to do so with the interest Gyamfi has generated over the period of time.