The Gunners could make a transfer deadline move for the Sevilla striker, with the Spanish club understood to be willing to accept a 16 million euro fee for the Colombian.
The Gunners have turned their attention to the Colombia international after ending their interest in striker Loic Remy.
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The Sevilla striker has a 35 million euro release clause in his contract but the Spanish club, which bought Bacca for €7 million last summer, would be willing to allow him to leave for around €16 million.
The 27-year-old is a proven goal scorer, and with Olivier Giroud sidelined for three months with an ankle injury, Bacca would provide a superb option for Wenger.
The South American netted 21 times for Sevilla last season, having moved to the La Liga club 12 months ago from Club Brugge, where he scored an impressive 28 goals in 45 appearances.
Bacca, who came on as a substitute against Brazil in Colombia's World Cup quarterfinal elimination, is now thought to be Wenger’s primary target after a deal for Remy collapsed over the weekend.
Sevilla is understood to have turned down a bid of €8 million for Bacca from Everton earlier in the summer.
Bacca was on target for Sevilla in a 2-1 win over Espanyol on Saturday night.