The 22-year-old played a key part as the Super Eagles won the Africa Cup of Nations earlier this year.
And the defender, who currently plays his football for Sunshine Stars in Nigeria, has been linked with move to Europe.
According to the Daily Mail, Oboabona said: "Arsenal are my favourite club from childhood. It is the club I want to play for.
"I have offers from the top five leagues in the world."
The defender, who has 18 caps for his country, is valued at £1m by his club. Arsenal have been linked with a move for a centre-back at the end of the season, as Arsene Wenger has reportedly lost patience with his first-choice pairing.
Defensive lapses at key points this season have cost the club dearly, with mistakes against Bayern Munich in the Champions League last-16 first-leg and against Spurs at White Hart Lane proving costly.
The Gunners have steadied the ship to a certain extent, keeping clean sheets in the return leg at the Allianz Arena and against Swansea in the Premier League.
But they still could be tempted to strengthen in the summer. Arsenal's last Nigerian player was Nwankwo Kanu, a hugely popular striker who played in north London for five years between 1999 and 2004.