Talks with Bayer Leverkusen remain at an early, exploratory stage, but sources suggest a deal for the 23-year-old is possible, according to BBC Sport.
Leverkusen are believed to be reluctant to sell, having signed the England international from Liverpool only last summer in a deal reported at between £30m and £35m, and Arsenal would likely have to pay considerably more to prise him away, with four years still to run on his contract.
Liverpool are understood to have inserted a buy-back clause into the deal worth somewhere in the region of £60m, though that figure has been reported inconsistently across outlets.
The interest comes as Arsenal's pursuit of Konsa continues without resolution. Aston Villa want around £60m for the 28-year-old, while Arsenal have valued him closer to £40m, having already seen an initial offer in that region turned down.
Quansah's versatility — he can play at both centre-back and right-back — makes him a like-for-like alternative to his England team-mate, and there is a suspicion that Arsenal's interest could partly be a tactic to pressure Villa in the Konsa negotiations rather than a fully separate pursuit. Sporting director Andrea Berta has been tasked with resolving at least one of the two situations before the window closes.
Reinforcements at the back have taken on added urgency after William Saliba was ruled out for the start of Arsenal's Premier League title defence against promoted Coventry City next weekend, having suffered a back injury at the World Cup.
Jurrien Timber, who missed two months of last season with an ankle injury, is also struggling for fitness, leaving Arsenal light in defence just as the season begins and increasing the pressure on head coach Mikel Arteta to add a recognised centre-back before deadline day.
Liverpool retain the option to match any offer for Quansah as part of the deal that took him to the Bundesliga, but are understood to have no intention of exercising it.
Quansah was part of England's run to the World Cup semi-finals this summer, starting three games at right-back before being sent off in the last-16 win over Mexico, which ruled him out of the quarter-final victory over Norway and the semi-final defeat by Argentina. He made 44 appearances for Leverkusen last season, scoring five goals.