The Daily Mirror is claiming that the Gunners are keen to sign the 20-year-old Jamaica star but are set to face fierce competition from the Blues.
The same report claims that both Arsenal and Chelsea have been keeping a close eye on Bailey’s form for the German club so far this season.
The story also suggests that Gunners boss Arsene Wenger would see a £15m bid for Bailey as a very sound investment for Arsenal as he looks to bolster his squad in the new year.
However, Chelsea are also thought to be keen on the winger, with Antonio Conte possibly viewing him as a long-term replacement for Willian at Stamford Bridge.
The winger has scored four goals and made four assists in 13 Bundesliga appearances for Bayer Leverkusen so far this season.
Both Arsenal and Chelsea are thought to be on the lookout for reinforcements in the January transfer window as the two London clubs look to get as close to runaway leaders Manchester City in the Premier League table as possible.
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