The Reds boss is reputed to be interested in Moussa Sissoko, while the Gunners' talent spotter keeps tabs on Ligue 1 leaders' striker Oliver Giroud in his side's 1-0 win on Friday
It is believed that the Gunners scout was keeping tabs on Montpellier striker Olivier Giroud, who has hit 20 goals so far this season.
But Grimandi was not the only representative rumoured to be watching the 25-year-old, with Bayern Munich general manager Christian Nerlinger also in attendance.
The France international, however, refused to talk about his future after his side’s win thanks to a third-minute Younes Belhanda strike.
"My future? I don’t want to talk about it today," he told Foot+.
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The midfielder has also attracted the attention of Tottenham in the past, but Sissoko last month revealed that, despite the interest, he intends to stay at the French club.
"I had contacts with English clubs, notably Liverpool, but I preferred to commit myself to Toulouse, the club where I have been educated, to get more experience," he told reporters.
"It is up to me to go on improving, to become a world-class player."