According to reports emerging in Spain, Wenger has identified Benzema as a suitable replacement for Alexis Sanchez.
The Gunners have been long-term admirers of the Real Madrid forward and could make a move for him in the Summer if their current star-man Sanchez leaves the Emirates.
The 28-year-old Chilean is believed to be involved in a contract stand-off, he is reportedly eyeing a move away from the Emirates at the end of the season, with Chelsea, Juventus and Bayern Munich said to be interested.
With his future still not solved at the moment, the Gunners have begun exploring potential replacements and Benzema is believed to be extremely high up on the list.
The France international has endured a mixed season in La Liga, scoring 16 times in 36 appearances and could be the next big star to leave the Bernabeu.