Wenger scouted the Argentinian forward when he was still at River Plate in 2007, but Higuain ultimately opted to join Real Madrid.
He could be now available though, and with up to £70m to spend this summer, the Arsenal boss could rekindle his interest in the Bernabeu forward.
An Arsenal club record fee of £19m has been mooted for the striker, who's struggled for minutes alongside Karim Benzema under Jose Mourinho.
But Higuain is not the only forward under consideration at the Emirates Stadium, and another striker seems to be the priority for Wenger this summer.
Fiorentina's Stevan Jovetic remains an option, but the report asserts there remains some degree of scepticism as to his willingness to leave Italy.
Manchester United's Wayne Rooney would shatter the club's wage structure, but Higuain's teammate, Karim Benzema, is another under consideration considering a mixed campaign at the Bernabeu.
Earlier this week Wenger confirmed Auxerre youngster Yaya Sanogo is in 'advanced' talks over a switch, but the France under-21 international would be one for the future.
While the report claims attacking additions remain the priority for Arsenal, Wenger is also looking to spend a portion of his summer budget on a new goalkeeper, a holding midfielder, and a right-back should Bacary Sagna leave the club.
The three targets in mind are Asmir Begovic, Etienne Capoue and Borussia Dortmund full-back Lukasz Piszczek.