The Gunners are prioritising a central midfielder this summer and has been heavily linked with Youri Tielemans.
The Belgian midfielder has just one-year left on his Foxes contract and Arsenal could cash-in a good deal this window.
But Paul Merson suggested to go for Lazio midfielder Sergej Milinkovic-Savic which would be expensive move than the Leicester City man.
Lazio has put a price tag of £55m for the midfielder but according to reports Arsenal have already seen their £47m bid turned down.
“Leicester’s Tielemans would tick the box for Arsenal. He’d be a decent alternative. But Sergej Milinkovic-Savic is the player I would go for, he wrote in his Daily Star column.
“Now more than ever, Arsenal need a top-class midfielder to compete with the best. And I think Savic is a lovely player. A really top-drawer player.
“The way he played for Lazio last season I personally think he is the best midfield player in Italy. I know Manchester United have been linked with him in the past, but why there isn’t a queue of clubs lining up to buy the Serbian, I do not know. I think a lot of clubs are missing a trick.”
See More: Top 10 Arsenal Most Expensive Signings Ever: Players Signed 2022!