The Gunners have been heavily linked with Wilfried Zaha in recent days but are likely to be priced out of a move by Crystal Palace.
The Eagles are determined to keep hold of their star man nad have slapped a £100m price tag on his head.
Arsenal are now exploring alternative options, with Unai Emery reportedly a fan of Balde.
The Senegal international spent last season on loan at Inter, for whom he made 29 appearances in all competitions.
Balde, who would cost between £25m and £28m, is thought to be keen on a transfer to the Premier League.
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