Arsenal are among Mbappe's admirers after the France international's stunning season with Monaco.
The 18-year-old was a relative unknown at the start of the campaign, but flourished under Leonardo Jardim to help them dethrone Paris Saint-Germain as Ligue 1 champions.
Mbappe lit up European football by scoring 26 goals from 44 games – prompting talk he could now be set for a move to one of Europe's elite.
Manchester United, Manchester City and Real Madrid have all been backed to launch offers worth over £100million in a bid to sign the world's most coveted star.
And French newspaper L'Equipe say that Arsenal are now ready to pay £120m to ensure they win the race for his signature.
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Arsenal could pay £120m for Kylian Mbappe
L'Equipe are saying that Arsenal could pay £120m for Kylian Mbappe
Arsenal could launch a bid for Monaco star Kylian Mbappe
The Gunners look likely to sign a top striker with the futures of Olivier Giroud and Lucas Perez far from certain.
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Giroud has been linked with a return to France with Marseille, while Perez's agent has admitted his client is looking to quit the north London club.
If both players depart, then that would leave Danny Welbeck as Wenger's sole striking option.
Wenger is keen to sign Mbappe and Express Sport understands Arsenal have previously bid £95m for him.
Kylian Mbappe is also wanted by Manchester United, Manchester City and Real Madrid
Arsenal are aiming to bounce back after their disappointing fifth-placed finish in the league last term and believe the teenager could be the ticket to winning round disgruntled fans.
Speaking last month, Wenger said he nearly signed the player 12 months ago but Monaco just about managed to retain their star asset.
“The player would tell you that I was at his home last year to try to get him here,” Wenger told beIN Sport.
“Because he was at the end of [his] contract but Monaco managed to keep him and the decision was very, very tight.
“But I could understand it as well because he was educated there and at the end decided to stay there.”