The loan move could see the pair swap places.
Arsenal and Olympique Lyon are putting together a stunning swap deal that would see Yoann Gourcuff head to the Gunners on-loan and Gervinho go the other way, reports Foot Mercato.
The Frenchman would arrive at the Emirates Stadium initially on a temporary basis, but with the option of the north London club making the switch permanent in 12 months time.
Meanwhile Gervinho, who has also been linked with AS Roma, would move to Ligue 1 in a similar transfer with the two clubs making the most of the deal.
Both players have struggled at their current sides having moved with high expectations and never really fulfilling them.
Gourcuff made a £19.4m switch to Lyon in 2010 having impressed at Bordeaux, but has fallen down the pecking order at the Stade de Gerland in recent times and has played just 31 Ligue 1 matches in the past two seasons.
Similarly, Gervinho was a £10.6m transfer from Lille in 2011, with the Ivorian having previously scored 36 goals and provided 21 assists in 93 matches for the French club.
Yet in two years at Arsenal the forward has failed to relive those moments in front of goal and manager Arsene Wenger no longer sees the 26-year-old being part of the plans at Arsenal.
Loaning Gourcuff would come with very few risks with Wenger only having to cover the midfielder’s wages initially – admittedly around £80,000-a-week, but with Gervinho’s off the books this sum would be easier to take.
The France international has been linked with the Gunners in the past and Wenger is thought to be keen admirer of the 27-year-old; despite Gourcuff’s unimpressive spells with Lyon and AC Milan.