The 23-year-old Moroccan is being lined up as an alternative target to Crystal Palace winger Wilfried Zaha, should the Gunners fail in their attempts to lure the highly-rated Eagles star to north London.
Zaha has been watched extensively by Arsenal in recent weeks, with Arsene Wenger sending scouts to Selhurst Park on a number of occasions, to run the rule over the England U21 international, with a view to bringing him to the Emirates Stadium.
However, they are not the only Premier League side interested in securing his sought-after signature, with Tottenham, Chelsea, and Manchester City also believed to be monitoring the situation.
Arsenal's prospective £7million bid is unlikely to be received well by Crystal Palace, who are holding out for at least £15million, for a player regarded as the hottest property outside of the top-flight.
That could prompt an offer for Taarabt, who would be willing to leave relegation-threatened QPR, in favour of the Arsenal challenge.