The North London outfit have made no secret of their desire to sign the German international but FC. Koln are proving to be stern customers as the German side seek to retain the services of their talisman.
Podolski has been in fine form over the first half of the season, scoring 14 goals in 15 Bundesliga matches.
The 26 year-old is also a consistent performer on the international stage, scoring 43 goals in 91 appearances for the German national side since making his debut in 2004 at the age of just 19.
Going in the other direction as a part of the proposed deal would be Czech Republic international, Tomas Rosicky.
Despite making a promising start to his Premier League career after a transfer in 2006, the 31 year-old’s performances have slumped and the Gunners are now looking to offload the playmaker.
Rosicky knows what it’s like to play in the German top flight, having spent five years playing for current league champions, Borussia Dortmund.
The Dortmund side shelled out over £12m for the midfielder more than a decade ago when he completed a move from his native Sparta Prague.
Arsene Wenger will be lucky if Cologne look at Rosicky as worth a third of that figure now, and it’s suspected that Arsenal will still need to pay £11m on top of the swap.
Podoslki can function as a winger that could provide support for a lone striker like Robin van Persie, but is also capable of functioning up front as part of a striking partnership.