This is according to The Daily Express, who report that the Gunners have re-ignited their long-standing interest in the Ivorian international, with their Premier League rivals also having now joined the race for his services.
A versatile attacker who can be deployed either as a winger or indeed in his preferred role as a striker, Kalou spent a total of six years in the Premier League after moving to Chelsea from Dutch outfit Feyenoord in 2006.
While he was never exactly first-choice at Stamford Bridge, the 28-year-old did win a plethora of silverware during his time in West London, including one Premier League title, four FA Cups and the Champions League.
Now plying his trade in Ligue 1 with Lille, Kalou has become rather influential at Stade Pierre-Mauroy.
This season, he has notched 14 goals at domestic level - making him the eighth-highest scorer in the top level of French domestic football behind illustrious names such as Zlatan Ibrahimovic, Edinson Cavani and André-Pierre Gignac.
Such form will obviously appeal to potential suitors, with Arsenal surely set to embark upon the pursuit of a new striker this summer with the much-maligned figure of Nicklas Bendtner set to depart the Emirates Stadium with his contract soon to expire.
While Arsenal fans might be expecting a more reputable name to compete with Olivier Giroud for a starting berth, the idea of signing Kalou as a short-term measure should certainly not be scoffed at given the goalscoring prowess he has demonstrated in recent months.
With Luis Suarez and Daniel Sturridge having combined wonderfully during a glorious 2013/14 season at Anfield, Liverpool's own search for a new striker may be for one to provide adequate back-up to that aforementioned duo.
Kalou should be more than capable of fulfilling such a role, you would imagine.