The Gunners will go into the summer transfer market prioritising a central midfielder, a central defender while a new goalkeeper remains a possibility, but Wenger has told Arsenal scouts to widen their search to attacking players.
Reus is one of the most respected dynamic attackers in world football and could slot into Arsenal's formation seamlessly. Wenger has preferred a 4-2-3-1 set up with Olivier Giroud spearheading the attack and Alexis Sanchez and Mesut Ozil playing behind. There could soon be a space available for Reus on the right.
The Borussia Dortmund star, 25, is similar to Sanchez in that he still scores goals despite playing exclusively in a wide position. He has scored 11 goals for Jurgen Klopp's men so far this season and assisted a further seven in just 23 appearances.
Dortmund are under no pressure to sell Reus after he agreed a long-term contract this season, eradicating a release clause from his previous agreement, however, their inevitable absence from Champions League football next season will force them to generate funds from player sales.
Chelsea boss Jose Mourinho has sensed this vulnerability as well and is keeping a close eye on Reus's situation ahead of a potential summer transfer bid, according to the same report.
Wenger's interest has been born out of uncertainty over Walcott's future. The England international has just one-year left on his Arsenal contract and yesterday claimed that contract talks with the club had not begun.
That contradicted the claims of Wenger, and suggested that all is not well between him and his attacking winger. Should he refuse to sign a new contract, it is likely Arsenal will cash in on his this summer, with Lukas Podolski likely to follow him out of the exit door.
There is little chance of Walcott leaving for anyone other than a Premier League rival. Liverpool are believed to be interested, but Wenger would be reluctant to strengthen a direct competitor.
Jeremy Wilson of The Telegraph is a reliable source of Arsenal news and would not have plucked this story from thin air. However, it is likely that the club's media arm has started a campaign of propaganda against Walcott's representatives.
This is an attempt to show Walcott how strong Arsenal are in the transfer window; suggesting that they do not need him to stay because they can replace him with someone more reputable. Just as it was two-and-a-half-years ago, signing Walcott to a new contract will be a long and arduous process.
Would Arsenal fans accept Theo Walcott's departure if Marco Reus arrives? Give us your thoughts in the comment box below!