I don't know Arsenal can or would like to spend hundreds of million euros to make a signing like this in the first place. Even if they do Mbappe wouldn't still choose Arsenal as long as Real Madrid make the same offer.
It all depends on the offer and Mbappe's decision to choose that, but we as a football fans know Real Madrid is more stronger and high likely will help Mbappe to reach his maximum capability. Mbappe could win Champions League and get Ballon d'Or easier.
It's also an honor for Mbappe to replace number 7 player in Real Madrid which one of them is Cristiano Ronaldo, there are many reasons Mbappe will move to Real Madrid rather than Arsenal.
Mbappe doesn't have a special agent so that's why it sounds tricky. Because Mbappe only relies on his mother for transfers to any club. Madrid has had a relationship with or maybe a contract with the mother for a long time so it will be quite difficult for us to get confirmation that is really valid. If only Mbappe had an agent in his transfer, 2 years ago he was confirmed to have played with Madrid. Recently, Arsenal have emerged as a competitor to get Mbappe, or have they just joined in?
After all, what other position does Arsenal need after all the ideal players they have? In my opinion, Arsenal is completely unsuitable for Mbappe, even if you insist on getting him, it won't happen. In my opinion, Arsenal is just trying to lure a higher price and Madrid's offers are being made more and more. It's not surprising that Liverpool also helped to enliven Mbappe's sale, for the sake of fishing for big fish, the bait needs to be enlarged.