The Greece international has scored 14 goals in 14 games for Olympiakos so far this season.
Arsenal boss Arsene Wenger is keen to strengthen his attack and will be given cash to spend in January.
The Daily Star reports that the 25-year-old would cost any interested club at least £7million.
Reports suggest Liverpool and Dortmund are also keeping an eye on the striker.
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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
Who of Europe’s top strikers will move to England this summer?