The 28-year-old is a regular at the heart of his sides’ defence and impressed in his debut campaign in the Premier League last season.
Gunners boss Unai Emery has been searching for a solution to his problems at the back, and is now thought to view Boly as a potential option, according to the Sun .
Wolves do not want to lose the player, but could be tempted if they receive a big offer for the man who cost £10 million from Porto – with a bid of around double that believed to be enough to secure his services.
Boly has already made 13 appearances for Wolves this season, and scored a late winner against Besiktas in Thursday’s Europa League tie.
Emery remains unconvinced over current centre-back pairing David Luiz and Sokratis, who he considers only short-term options.
Arsenal do have Calum Chambers and Rob Holding pushing for a spot in the starting line-up, but neither have been able to displace Luiz or Sokratis from their roles, while Shkodran Mustafi is out of favour.
Emery moved to sign 32-year-old Luiz on deadline day from Chelsea with the Gunners desperate for defensive reinforcements, following captain Laurent Koscielny’s departure.
Luiz has since revealed that he had a bust up with Chelsea boss Frank Lampard before leaving to join Arsenal.
“It was an individual decision made through honest conversation – between me and Frank Lampard, no one else,” Luiz said.
“We had a different idea of the future of the game and that’s why I chose to take a new path.
“It’s always very difficult because of the rivalry, but I made the decision to leave Chelsea even before receiving Arsenal’s bid.”
Koscielny left Arsenal under similarly acrimonious circumstances, after he refused to go on the club’s pre-season tour of the US before forcing through a move to Bordeaux.
But the Frenchman stated he has no regrets about his time at Arsenal.
“I can only say that I left with my head held high,” Koscielny said.
“All of those I worked with for nine years… everyone respected my decision to return home with my family.”
Speaking on his relationship with Emery, Koscielny added: “I’ve always been upstanding, respectful and loyal. I always gave my maximum.
“I spoke with the coach, who was understanding. And as for the rest…”