Arsene Wenger had an £87m bid rejected by the French champions on Friday and is now ready to go back in with a second bid.
Monaco have already knocked out an offer of £105m but the Sunday Express understands that The Gunners offered a bigger upfront payment for Mbappe.
The teenager is the hottest property in European football this summer after playing a starring role during Monaco’s run of the semi-finals of the Champions League.
He is also on the radar of the Manchester giants United and City but Arsenal are seeking to steel a march on both of them.
Arsenal have already had an £87million bid turned away by Monaco for Kylian Mbappe
Arsene Wenger wants to land a marquee signing this summer
Arsenal are ready to make a world record £95million bid for Kylian Mbappe
Monaco are determined to keep hold of their most prized asset but it seems that their won’t be any let up with the bids from clubs wanting to sign him.
Wenger knows that he needs to win around those fans who were unhappy with his decision to sign on for another two years at the Emirates Stadium.
How Arsenal could look with Kylian Mbappe Fri, June 2, 2017
Click through the gallery to reveal what Arsenal's team could look like next season with Kylian Mbappe
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And the best way would be to land a marquee signing like Mbappe who has been likened to a Thierry Henry to Wenger helped shaped into a Gunners legend.
Wenger is keen to build a side around Mbappe and will point out that he will see more time on the pitch than if he went to any of the other clubs who are chasing his services.