The Japanese international has been on the United radar for the last few seasons and has arisen once more apparently to ease their current midfield crisis.
However, the Gunners have creative problems of their own and are looking to spoil the parade of the Premier League champions by submitting a £14m bid.
After losing Fabregas and Nasri, Arsene Wenger used some of the £60m gained from their sales to sign Mikel Arteta and Yossi Beanyoun from Everton and Chelsea, respectively.
Although the duo have made an impact for the side, Arteta and on-loan Benayoun weren’t seen as long-term replacements for the departed playmakers, and Arsenal are still believed to be looking for talent in that area.
Another twist in the tale is the proposition of Andrey Arshavin – who has been linked with a move back to Russia for some time now – going in the other direction as a part of the deal.
Honda has scored 13 goals in 67 appearances for CSKA as well as accumulating over 30 caps for the Japanese national side.
The maestro just recently overcame a knee injury after having surgery at the start of the season, and could be a risk for match fitness having only made one appearance for the club this season.
However, the 25 year-old has shown his skills in the past, making a name for himself as a consistent creator of goals with a wide passing range, justifying his increase in Premier League interest.
PSG are also said to be monitoring the attacking midfielder, and will pose stiff competition after it emerged that the Ligue 1 side had submitted a £13m bid for his services.