The 24-year-old midfielder has been in impressive form for the Bundesliga club during the 2021-22 campaign, contributing 19 goals and 13 assists in 31 appearances in all competitions.
A recent report suggested that Man Utd interim head coach Ralf Rangnick is intent on signing the Frenchman ahead of the 2022-23 campaign.
However, according to The Mirror, there is also a firm interest from Arsenal, with the north London outfit viewing him as a possible replacement for Nicolas Pepe.
Nkunku amassed 11 goals and nine assists in 22 top flight appearances this campaign, while he scored seven goals and registered two assists in the group stage of the Champions League.
Nkunku has two years remaining on his contract at Red Bull Arena.