Broja is currently on-loan with Southampton, where he is impressing.
Football.London says Saints, which are keen to buy him outright, face competition from the Gunners in the race to secure his services.
They state that Mikel Arteta's side are monitoring his progress at St Mary's ahead of a possible transfer.
The news outlet adds that Arsenal have put the English-born Albanian international high on their wishlist after missing out on January target Dusan Vlahovic.
Broja is said to be highly-regarded by Arteta, who has made signing a centre-forward his top priority in the summer.
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