The 28-year-old has recently been linked with the likes of West Brom, Liverpool and Cardiff.
The Daily Mail reports that Arsenal can sign Kalou in a £2.6million deal and wages of around £60,000 a week.
Arsenal prepare to let Danish striker Nicklas Bendtner join Crystal Palace and are keen to make a big name signing before the transfer window closes.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.