Jesus, 25, could be available at the end of the season with his contract running out next year and the Brazilian looking for a fresh challenge.
The Gunners want to sign at least one centre-forward in the summer to replace Pierre-Emerick Aubameyang who left to join Barcelona in January and reports suggest Jesus is a top target for manager Mikel Arteta.
City are believed to want £40 million for Jesus and Campbell, the former Arsenal forward, has urged his old side to pay the money.
Speaking to Football Insider, he said: ‘That’s great value for money. I think Jesus would be a really good signing if Arsenal can get him.
‘He has been on fire at City. He knows Arteta’s system and he knows what Arteta wants from his players.
‘We are talking about a young Brazilian international who still hasn’t peaked yet. I still don’t think we’ve seen him at his best yet.
‘He can play in multiple positions as well. That is always a plus. It means Arsenal could bring in another striker as well and play them together. He is threat out wide or down the middle. He is fit, strong and knows where the goal is.’
Since joining the club in 2017, Jesus has played a bit-part role at City and, up until recently, appeared to have failed in his quest to be the side’s leading centre-forward.
However, Jesus has made a resurgence, scoring six goals in his last six starts for Pep Guardiola’s side.
But, with Erling Haaland expected to join City from Dortmund, Jesus faces being pushed down the pecking order once again at the Etihad.
Arsenal are keen on signing him with Alexandre Lacazette and Eddie Nketiah set to depart at the end of the season with their contracts running out.
Sitting in fourth, four points ahead of Tottenham, the Gunners are in pole position to qualify for the Champions League next term which would improve their chances of attracting Jesus.
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