Sissoko is on Wenger’s transfer hit-list after the France international admitted that he “loved” Arsenal and had always dreamed of playing for them as he idolised Patrick Vieira.
The Gunners boss has £20m to spend in January and may decide his priority is a defender but they are keeping very close tabs on Sissoko.
Sissoko moved to England from Toulouse in January 2013 and has been a revelation at Newcastle as he has often played as an attacking midfielder.
But he can play a deeper role and that is an area where Arsenal want to strengthen and explains why they are watching developments.
Newcastle boss Alan Pardew will not want to lose one of his most important players but Sissoko hinted at the weekend that he wants to move to a Champions League club.
Sissoko said: “I have ambition. My goal is to play at the best clubs, playing the Champions League, win trophies, but today I am a Magpie and I am very happy.
“Arsenal were my favourite club when I was young and my idol was Patrick Vieira. I have always loved this club and I still love them.”
Wenger has already promised to spend if the right players become available but has hinted his No1 target may be a centre half with Laurent Koscielny struggling with an Achilles problem.
They have been watching Ipswich youngster Tyrone Mings while they have also been scouting for more experienced defenders and holding midfielders.