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The Juventus boss has been heavily linked with a move away from Serie A, with Chelsea and the Gunners eyeing the Italian.
And according to The Sun, Allegri could be heading to north London this summer.
They say the Juve chief has told his close pals he’s keen on the Arsenal job if Wenger is sacked at the end of the season.
Allegri, 50, reportedly fears his time with the Serie A champions could be coming to an end.
The Sun add that Allegri is currently learning English and he is desperate to manage in the Premier League.
Arsenal boss Wenger has been under immense pressure this season.
The Frenchman has one year remaining on his current Emirates deal but his future in north London looks set to end this summer.
Winning the Europa League is Arsenal’s only chance of picking up silverware this time out.
The Gunners are also set to miss out on the top four, meaning the Europa League is their only route to securing Champions League football for next season.
Arsenal were back in action this afternoon as Wenger’s men hammered Watford 3-0 at the Emirates.