The 25-year-old Greece international has been earning rave reviews back in his homeland, after firing 14 goals in just 10 league games so far this season.
A January switch to the Premier League has been mooted, with Liverpool boss Brendan Rodgers understood to be keen to bring Mitroglou to Anfield, despite his wealth of attacking options already on Merseyside.
Luis Suarez and Daniel Sturridge have been in sensational form so far in 2013/14, but with the England international currently sidelined by injury, and speculation surrounding the former Ajax star's future, forward options are being considered.
However, the Reds will face competition for the player's signature from the Gunners, after Wenger intimated his interest in bringing the prolific frontman to the Emirates Stadium when the transfer window reopens.
"He is a true finisher but he must try to evolve to a higher level," said the Frenchman. "In any case, all the major European clubs will certainly be alert. We cannot neglect him."
Arsenal are on the lookout for a new striker to provide competition for Olivier Giroud, and have identified £8million-rated Mitroglou as a viable option in the New Year.