Reports suggest Newcastle manager Alan Pardew is weighing up a move for the Costa Rica international ahead of the summer transfer window.
The former West Ham boss has identified his current strike force as a major weakness in his side, so will look to rectify the problem at the end of the season.
And Arsenal's Campbell is said to be at the top of Pardew's transfer wish-list after impressing for Olympiakos against Manchester United in the Champions League.
Campbell, who is yet to play a competitive game for Arsenal despite signing for the north London outfit in 2011, scored against the Premier League champions in a last-16 match back in February.
The 21-year-old could in fact switch places with on-loan Newcastle striker Loic Remy as he has been stringently linked with a move across London from QPR to Arsenal.
Wenger may decide to wait until after the World Cup before deciding whether to either sell, keep or loan out Campbell - as the Arsenal starlet could prove to be one of the bright sparks of the tournament.