The German youngster has starred for Frankfurt in the Bundesliga this season, and the newly-promoted side have been the German top flight's surprise package - they currently sit fourth, one point behind Bayer Leverkusen and are pushing for a Champions League qualification place.
The 22-year-old has been scouted by a number of Europe's top clubs, with Bayern Munich also keeping tabs on the Germany under-21 international.
Rode has 18 months left to run on his current Frankfurt contract, and he has admitted that he plans to explore his options in the summer.
"The interest is known to me. I'll keep my feet on the ground and not start dreaming," Rode said. "Eintracht Frankfurt and I have agreed to postpone the talks so I can concentrate on my football."
The report claims Tottenham held preliminary discussions with Frankfurt over a deal for Rode last summer, but failed to reach an agreement with the Bundesliga side for the player's transfer.
But now Arsenal are keen to pinch the German starlet from under the noses of their north London rivals.
Rode has three caps for Germany under-21s, and has appeared at every national age group level from under-18s onwards.