The 24-year-old France international has admitted he would be interested in leaving Toulouse, with a view to playing in Europe's 'big competitions'.
That could be taken as a nod towards the Champions League, a competition Arsenal qualified for at the expense of Tottenham on the final day of the Premier League season.
Capoue is currently with the France squad in South America as they prepare to face Uruguay and Brazil, and he's refused to commit his future to the Ligue 1 club after Toulouse coach Alain Casanova revealed he hopes his midfielder will stay at the club.
Speaking to L'Equipe, Capoue said: "If he [Casanova] wants to keep me, that is good. That says that he counts on me, that he is happy with me.
"But it is football. I feel it is the moment to leave, to play in big competitions."
But Capoue did go on to insist he's focused on France, and revealed will not make a decision over his future until after the two international fixtures this month.
"Right now, I am with the national team and I continue to represent TFC," continued the midfielder.
"We will talk about it again after June 10."
Paris St Germain and AC Milan have also been linked with Capoue, who first broke into the Toulouse first team back in 2007.