The 25-year-old is rated as one of Germany's top keepers, with the kind of ability to command his penalty area that Gunners keepers have lacked at crucial times this season.
He is contracted to Leverkusen until the end of the 2011-12 season and is currently sidelined with a broken rib.
It is believed that Arsenal's chances of signing him may well hinge on whether his current club reach the Champions League or not.
They are currently fourth in the Bundesliga, a point ahead of Borussia Dortmund.
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