According to The Times, Brentford have become the latest club to register interest in Monga through his representatives at Gersh, with the west London side reportedly able to offer a quicker route into first-team football.
Newcastle United and an unnamed German club have also been credited with interest in the England youth international, though Arsenal are understood to remain in the strongest position to secure a deal.
Monga became the second-youngest player in Premier League history when he made his debut for Leicester against Newcastle last season, at 15 years and 271 days old, behind only Arsenal's own Ethan Nwaneri.
That milestone, combined with his performances for England's youth sides, has made Monga one of the most closely watched prospects outside the Premier League's traditional powerhouses.
The timing of any move is significant. Monga turns 17 on 10 July, the date on which his first professional contract with Leicester, agreed last summer, becomes active.
Once that contract activates, Leicester are entitled to command a transfer fee for the teenager, a factor that shapes the timeline for any Premier League club hoping to complete a deal.
Arsenal sporting director Andrea Berta has been heavily involved in the club's pursuit of Monga, reflecting the priority Arsenal have placed on strengthening their academy ranks.
Sources at the club have acknowledged that Arsenal have fallen behind some of their rivals in recent years when it comes to developing homegrown talent through the youth system.
Should the two clubs fail to agree a package once Monga's contract becomes active, the matter could ultimately be settled by a tribunal under existing compensation rules.
A recent precedent exists in the case of Rio Ngumoha, where the Professional Football Compensation Committee ordered Liverpool to pay Chelsea a base fee of £2.8million plus bonuses worth up to £4million, along with a 20 per cent sell-on clause.
Leicester, who dropped into League One last season, are likely to view any sale involving Monga as an important source of revenue as the club works to finance a push back toward the Premier League.
For Arsenal, landing Monga would represent another step in a broader strategy of identifying and securing the country's most promising teenage talents before they attract serious interest from elsewhere in Europe.