The 24-year-old is regarded as one of the brightest young stoppers in the Premier League at the moment, after a series of stunning performances at the Stadium of Light.
Gunners boss Arsene Wenger is believed to be in the market for a new custodian at the end of the season, and has identified the Belgian international for a possible move to the Emirates Stadium.
Arsenal will face competition from Manchester United, though, with Sir Alex Ferguson also considering adding another goalkeeper to his Old Trafford ranks in the summer.
Former Manchester United defender Steve Bruce signed Mignolet for just £2million in June 2010, during his time as Sunderland manager. And, the ex-Sint-Truiden star - who penned a five-year deal on Wearside - has gone on to establish himself as an integral part of the Black Cats' first-team.
Mignolet is currently battling to be Belgium's No.1 with Chelsea's on-loan Atletico Madrid ace Thibaut Courtois, and might see a move to one of the Premier League's elite clubs - whether that is Arsenal or Manchester United - as beneficial to his continued career progression.