The Gunners are expected to send scouts to watch the 19-year-old this month, joining a host of European clubs taking an interest Konstantelias following a string of eye-catching displays.
Manchester City, Crystal Palace, Leeds United, Wolves, PSV and Valencia are already tracking the Greek teenager, who has been earmarked to make his senior national team debut at the next international break in March.
Barcelona previously took Konstantelias on trial as a 15-year-old but failed to agree on a €1million deal. Now the versatile forward, who can play both up front and in midfield, is valued at closer to £10m.
Should PAOK agree a sale this month, it is expected that Konstantelias would remain on loan in Greece for the remainder of the season. His displays, which include four assists and three second assists in his last 12 matches, have helped PAOK climb to third in the Greece Super League.