Barkley wants out of Everton after conveying his feelings to Toffees boss Ronald Koeman at the end of last season.
Tottenham have spent much of the summer tracking him but chairman Daniel Levy has been unable to get a deal over the line.
The 23-year-old's career has stagnated somewhat at Everton and, given his determination to leave, a parting of the ways seems inevitable.
And Transfer Market Web say Arsenal are ready to launch a bid before the transfer window shuts on August 31.
Arsenal are set to challenge Tottenham for Everton star Ross Barkley
The Gunners have so far brought in Alexandre Lacazette, but Arsene Wenger may add to his squad as he aims to win the Premier League for the first time since 2004.
Express Sport understands crocked midfielder Santi Cazorla is unlikely to be given a new deal.
And Barkley could be the ideal replacement given his creative flair.
However, Transfer Market Web add that Tottenham could yet sign him given their long-term interest.
GETTY
Arsenal are keen on Everton midfielder Ross Barkley
GETTY
Arsene Wenger is set to battle Tottenham for Everton star Ross Barkley
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Speaking earlier this week, Everton manager Ronald Koeman admitted the midfielder's future at Goodison Park was still unclear.
"I don't know. I don't know. There is no update about his situation," he said.
"I will wait until the end of August [before deciding whether Barkley will be part of his plans for this season]."
Barkley has racked up 179 appearances for Everton since making his debut under David Moyes in 2010.
