The Belgium international failed to impress at Manchester City but now Wenger wants him at the Emirates Stadium.
The 30-year-old made just five appearances on loan to Manchester City from Marseille in 2004.
“Arsenal are a very attractive club,” Van Buyten declared. “That goes without saying.
“When we reach the mid-season break I will take stock of my situation at Bayern. There is still time for me to make a decision.
“At present I’m not getting to play as many games for Bayern as before. I am concentrating on trying to get back into the side.”