Monga has made 25 Championship appearances this season, scoring once and providing two assists. He became the second-youngest debutant in Premier League history in April 2025, aged 15 years and 271 days — behind only Arsenal's Ethan Nwaneri.
Arsenal's own Max Dowman has since taken second place on that list, pushing Monga to third.
Leicester will offer Monga a professional contract when he turns 17 this summer, but that agreement does not guarantee his future at the club. The Foxes are four points adrift of Championship safety with three games remaining and are battling to avoid a drop into League One, a situation that significantly weakens their hand in any retention talks.
Arsenal have been tracking Monga for some time and are now pushing hard to secure his signature ahead of other clubs. Chelsea, Manchester United, Liverpool and Newcastle United have all registered interest, with formal approaches from several sides expected.
Under current regulations, a club can acquire him for as little as £2 million in compensation.
The Gunners have been building their youth recruitment operation aggressively, having already agreed deals for Ecuadorian twins Edwin and Holger Quintero and Irish midfielder Victor Ozhianvuna. Monga fits the profile of elite young talent they are now targeting from outside the academy.
Leicester insist they want to build around him, but their grip on the situation will depend almost entirely on whether they can avoid dropping into the third tier.