The paper adds that the Gunners will have to fight off interest from Everton, who are also keen on the 33-year-old.
Eto'o joined Chelsea on a one-year deal in 2013 and finished the season as the club's second top scorer with 12 goals to his name. However his time at Stamford Bridge was marred by accusations seemingly made by Chelsea boss Jose Mourinho about his age, and in a recent interview the Cameroonian hit back by branding the Special One a "fool".
Now he's on the lookout for a new club and according to the Express he has two suitors in the Premier League - Arsenal and Everton.
The paper claim, citing sources in Italy, that Eto'o wants to remain in England and that Everton have made him one of their top transfer priorities this summer.
However the Toffees seemingly face competition from Arsenal who would like to land the veteran striker in order to bolster their options in attack. Last season Gunners boss Arsene Wenger was forced to rely almost exclusively on Olivier Giroud to lead the line, and is in the market for a big-name forward.
While Eto'o doesn't necessarily fit that description he would provide some much-needed cover up top for Arsenal - something Wenger unsuccessfully tried to do when he moved to lure Demba Ba to the Emirates Stadium last year.