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!
Who of Europe’s top strikers will move to England this summer?
After a dreadful start to their Bundesliga campaign, Borussia Dortmund appear to have weathered the storm after going five matches without defeat.