According to reports from The Daily Star, the Ligue 1 outfit - whom Kalou joined following his exit from Stamford Bridge in 2012 - now want just £3 million in exchange for the Ivorian international, who has been previously linked with the Gunners on more than one occasion so far this summer.
Such speculation also suggests that Liverpool manager Brendan Rodgers is pondering a swoop for Kalou, who has supposedly already rejected proposed transfers to Serie A outfit Roma and two clubs from the Middle East.
Premier League experience
A willing and versatile worker but never a real standout or indispensable member of Chelsea's first-team squad, Kalou spent a total of six years West London, during which time he helped the club win the Premier League along with four FA Cups, the League Cup and the Champions League.
His final appearance for Chelsea came in the latter competition, with Kalou starting and featuring for 84 minutes in the Blues' extraordinary triumph over the much-fancied Bayern Munich on their own Allianz Arena turf.
Since making the move to France, Kalou - who has 68 caps for his native Côte d'Ivoire and recently featured at his second World Cuo tournament - has featured on more than 50 occasions in Ligue 1, with Lille finishing third behind wealthy competitors Paris Saint-Germain and Monaco last year.
Kalou scored 16 goals for René Girard's side in 2013/14, an improvement on the 14 he notched during Lille's final campaign under Rudi Garcia before the Frenchman left for Serie A.
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Whether indeed Arsenal or Liverpool will be tempted to lodge an official bid for Kalou at such an enticing knockdown price remains to be seen, although both clubs could certainly still benefit from the addition of another experienced striker.
The decision not to extend Nicklas Bendtner's expiring contract at the end of last season has left Yaya Sanogo as the only direct competition for Olivier Giroud at the Emirates Stadium, although World Cup winner Lukas Podolski and Theo Walcott are both able to play through the middle.
Indeed, it has even been suggested by some that Alexis Sanchez - the former Barcelona star who joined Arsenal in a £35 million deal last month - is at his best when deployed up-front as opposed to on the flank or behind a lone striker.
Liverpool, meanwhile, are notably weaker in the final third following the sale of Luis Suarez. Rickie Lambert - who joined the club prior to the World Cup and Suarez's eventual departure to Barcelona - has been added to the squad by Brendan Rodgers in order to give his attack a different dimension, although a potential partnership with Daniel Sturridge may take some time to flourish.
Whereas Kalou may suit Arsenal as a reliable second or third option, it could be suggested that Liverpool and Rodgers should be aiming slightly higher in their continued quest to compensate for Suarez's exit.