The Sochaux star has been lined up as a potential replacement for current first-choice Arsenal full-back Bacary Sagna. Sagna is yet to put pen to paper on a new Gunners contract, and looks set to leave the Emirates Stadium at the end of the season.
Corchia, who's represented France at each age group from under-17 through the under-21, could be the man to replace Sagna this summer as Wenger wants an alternative to challenge Carl Jenkinson for a first-team spot.
And Arsenal have been told by Sochaux that £4.3m would be enough to sign the 22-year-old.
Sochaux are struggling in Ligue 1 this term, but Corchia has stood out as the club's top performer.
Swansea fullback Angel Rangel has been mentioned as another Arsenal target, primarily because of his Premier League experience, but Corchia is now understood to be the top target.
He's made more appearances this term than any other Sochaux player this season, and has been earmarked as a future France international.
And the man he could replace in the national team could also be the man he's replacing at Arsenal.
Sagna has been linked with a move to Ligue 1, with Paris St Germain thought to be interested, and the report claims he could be allowed to leave the Emirates Stadium for a fee around the £8m-10m mark.