Mikel Arteta wants to improve his attack and is ready to spend big on a new centre-forward.
Arsenal are also in the market for a winger and creative midfielder. Their interest in Madueke has escalated with personal terms now agreed.
According to The Athletic, the 23-year-old England international is keen on the move, though there have been 'no club-to-club talks yet'.
Madueke is one of several attacking options under consideration at the Emirates, with Arteta looking to add depth and versatility to his forward line.
The former PSV man is comfortable off either flank and enjoyed a decent 2024/25 campaign, notching 11 goals and five assists in 45 appearances - including at the Club World Cup.
He's made 91 appearances for the club and is under contract until 2030, but Chelsea's aggressive recruitment may have pushed him down the pecking order.
The arrivals of Liam Delap, Joao Pedro and Jamie Gittens have seriously stacked the wide forward department.
And with Arsenal maintaining a 'good relationship' with Chelsea - as proven by the 5m pound signing of Kepa Arrizabalaga earlier this summer - there's every chance the two clubs could find common ground again if the Gunners choose to pursue a deal.
Arsenal's winger search has included a few other names. Crystal Palace's Eberechi Eze and Aston Villa's Morgan Rogers are also 'under consideration', though both would likely command significant fees and more guarantees over minutes.
Madueke, who came through the academies at both Tottenham Hotspur and Crystal Palace before making the leap to PSV in 2018, might offer the best blend of experience, upside and availability.
He earned his first England senior call-up last August and has since picked up seven caps after impressing consistently at youth level.
While Arsenal's hierarchy continue to debate the squad's attacking shape - with the rise of Ethan Nwaneri also factoring into their thinking - Madueke ticks a lot of boxes.
He's quick, can score and assist, is homegrown, and won't cost anything close to the eye-watering sums Chelsea have shelled out for others in similar roles.
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