The Daily Mirror is reporting that the Gunners have earmarked the Switzerland international as a potential recruit to bolster their midfield options.
The same article states that Arsenal are being linked with a swoop to sign the 24-year-old but the Gunners could face competition from Premier League champions Manchester City.
The report goes on to add that Arsenal could raise around £20m from the sale of Xhaka to AS Roma in the summer transfer window which the Gunners could reinvest in Zakaria.
Indeed, The Daily Mirror describe Zakaria as a “prime candidate” to replace Xhaka.
The Swiss midfielder started his career at Servette before he spent two seasons at Young Boys.
Zakaria has scored nine times in 128 games in all competitions over the past four seasons at Borussia Monchengladbach.