Arsenal want to recruit a new figurehead to oversee transfers and footballing ethos as they look to restructure.
And according to the Daily Mail, Overmars is a leading candidate for the position.
Overmars, who spent three years at Arsenal and won the Double in 1998, is currently director of football at Ajax.
Arsenal want Marc Overmars to return to the club as director of football
Borussia Dortmund's sporting director Michael Zorc is also believed to be interesting the Gunners.
Arsenal boss Arsene Wenger has never worked with a director of football.
The Frenchman has always had the final say on transfer and team matters at the Emirates.
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But Arsenal are looking to change their structure behind the scenes this summer as they look to modernise the club.
Wenger, who is out of contract at the end of the season, has been offered a new two-year deal.
But his position at the Emirates has come under renewed scrutiny after the Gunners suffered a humiliating 3-0 defeat to Crystal Palace on Monday.
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