Both Arsenal and Manchester United have opened talks with Adeyemi's influential agent, Jorge Mendes, after TeamTalk revealed that formal communication began in recent days.
For Arsenal, Adeyemi represents an opportunity to reinforce Mikel Arteta's forward line at a crucial juncture in the campaign.
Arteta has long sought a right-sided attacker with explosive pace, relentless pressing and sharp 1v1 ability - qualities the Dortmund winger possesses in abundance.
Adeyemi has been clocked at a blistering 36.6 km/h and fits neatly into Arsenal's model centred on rapid wide play, aggressive counterpressing and transitional threat.
The club believe they can offer him immediate minutes within a settled structure, something that could be decisive.
Adeyemi, however, has endured a dip in performances this season, partly attributed to frustration under Dortmund manager Niko Kovac.
Tensions boiled over in a recent match against Koln, where he reacted angrily to being substituted, even throwing a bottle - a sign of growing dissatisfaction that may push him towards a winter exit. Dortmund are said to want around 70 million euros to sanction a January sale.
Manchester United, meanwhile, view Adeyemi as a strong fit for Ruben Amorim's 3-4-3 system.
The club's thriving relationship with Mendes - strengthened by recent acquisitions of Leny Yoro and Manuel Ugarte - could work to their benefit. Yet United cannot currently guarantee the same clarity of role or tactical stability that Arsenal can offer.
Manchester United are preparing for their Premier League return against Everton at Old Trafford on 24 November, with Ruben Amorim expected to adjust his line-up as injuries continue to shape the early stages of the season.
Tottenham's preparations for next weekend's north London derby have been disrupted yet again, with midfielder Pape Matar Sarr emerging as the latest addition to the club's escalating injury list.
Manchester United legend Sir Alex Ferguson has singled out one "outstanding" signing while noting encouraging signs under head coach Ruben Amorim.
Arsenal's preparations for a crucial run of fixtures have been unsettled after defender Gabriel Magalhaes suffered a groin injury while on international duty with Brazil.
