The Gunners see the Frenchman as a potential replacement for Pierre-Emerick Aubameyang and Alexandre Lacazette, whose futures at the club are uncertain.
According to the Daily Mail, Borussia Monchengladbach are ready to let Plea leave in the summer as they look to reduce their wage bill. The German giants are likely to accept a bid of around €15 million for the striker.
Plea arrived in Gladbach from Nice in 2018. He has been very impressive for the club, with his ability to play across the frontline being a huge benefit for the side.
Although not a prolific goalscorer, Plea is adept at linking up play and causing havoc for defenders with his movement. He would make a valuable addition to Mikel Arteta's squad.
Arsenal have had issues upfront this season
Arsenal haven't been particularly deadly in front of goal this season, with striker duo Pierre-Emerick Aubameyang and Alexandre Lacazette failing to deliver goals on a consistent basis.
Aubameyang has been particularly disappointing, having failed to reach the high standards he has set for himself over the last few years. He has only managed 13 goals across all competitions this season. The Arsenal captain is currently out of action after contracting malaria while on international duty with Gabon.
Alexandre Lacazette has had a slightly better season. He is currently Arsenal's top scorer, having tallied 17 goals across all competitions. The Frenchman was in a good vein of form before injuring his hamstring last week against Fulham.
Arsenal may find it difficult to keep hold of the duo if they fail to qualify for European football this season. The Gunners' most likely avenue to qualification is now the Europa League as they face Villareal in the semi-finals of the competition on Thursday.
Mikel Arteta will hope that his side have enough firepower to get past the Spanish outfit without too many problems, as qualification through the Premier League looks highly unlikely.