Mikel Arteta has encountered problems with the right side of his defence this season due to Takehiro Tomiyasu’s injury and has been forced to rely heavily on Cedric Soares.
Il Messaggero Veneto report that Arsenal are seeking cover in the position and have joined the race to sign Molina this summer.
The report claims that the 24-year-old Argentine is also being monitored by Juventus and Atletico Madrid.
But Arsenal could have the upper hand in negotiations as Pablo Mari has been on loan at Udinese since January.
The Serie A club are keen to make the move permanent at the end of the season and Arsenal could look at the prospect of an exchange deal involving Mari and Molina.
Udinese are understood to value Molina at around €30 million (£25.3m).
Speaking about a permanent move for Mari this week, Udinese’s sporting director Pierpaolo Marino admitted that reaching an agreement with Arsenal could be ‘difficult’.
‘Mari is an Arsenal player, it is already unusual for such a player to come to Udinese,’ said Marino.
‘Not because we don’t deserve it, but because, in general, the path is the opposite.
‘It will be difficult to keep him, but we will try.’
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