The Premier League champions are reportedly ready to offer €40m for the 21-year-old, though Leipzig are expected to demand considerably more.
Sky Sport Germany has reported the Bundesliga club have set a price tag of €60m for their man, who still has three years remaining on his contract.
Nusa scored four goals and added three assists in 31 Bundesliga appearances last season, and has continued to catch the eye on the biggest stage, impressing for Norway at this summer's World Cup, where he scored a crucial goal in a 2-1 win over Ivory Coast in the round of 32 as Norway progressed to the quarter-finals.
RB Leipzig signed the winger from Club Brugge in the summer of 2024 and would prefer to keep hold of him, though the German club are understood to be willing to sell if a suitor matches their valuation. Since arriving at the Red Bull Arena, Nusa has scored 10 goals and provided 11 assists in 71 competitive appearances for the club.
Arsenal are not alone in the chase. Newcastle United, Juventus, Tottenham Hotspur, Crystal Palace and Bayern Munich have also shown interest, according to Sky, underlining the scale of competition Arsenal will face if they move to secure his signature this summer.
The champions have also been strongly linked with Club Brugge's Christos Tzolis for the same left-sided role, and how that pursuit develops could yet influence their approach to Nusa.
Nusa has also become an increasingly important figure for his country, scoring nine goals in 30 caps for Norway, whose run to the World Cup quarter-finals has only added to the growing sense that a big-money move awaits him this summer.
Leipzig's insistence on a fee closer to their £51m valuation means any deal is likely to require lengthy negotiation, but with his stock rising by the week, suitors may have little choice but to meet the German club's demands.