According to The Sun newspaper in the UK, Gunners boss Arsene Wenger has dangled the coaching carrot in a bid to lure the Australian away from Fulham, which has slapped a £4 million ($A6.9 million) price tag on its 37-year-old stopper.

Arsenal's previous £2 million ($A3.5 million) offer for Schwarzer was rejected by the Cottagers, who are reportedly desperate to retain the Aussie's services for another season.

However, it is believed that the aging Schwarzer sees a cross-London transfer as his final chance to play Champions League football.

Schwarzer is one of several top keepers linked to the Gunners in recent weeks, who are on the hunt for a new first-choice stopper following disappointing performances from Manuel Alumia and Lukasz Fabianski last season.

Following Arsenal's 4-0 friendly victory against Barnet at the weekend, Wenger played down the club's push for Schwarzer, saying the club was 'looking at various situations'.

Fulham midfielder Jonathon Greening has urged the club to do everything in its power to keep Schwarzer at Craven Cottage.

"Mark's one of the best keepers I've ever played with," he told the Fulham Chronicle. "His quality's there for all to see and he was a big part of our European campaign last season.

"He's a massive player and we must do all we can to keep him."