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.
What is your opinion? Feel free to discuss the article under. You have to comment by using your Facebook profile. Be fair and have respect for other people and opinions!
The start of the 2017-18 Premier League season is just around the corner and is shaping up to be one of the most competitive yet.
As always it is the so called “big clubs” that have splashed the most cash in the transfer window so far this summer. Manchester United or City? Arsenal or Tottenham? Who are the winners and losers of the transfer window so far?