Gunners boss Arsene Wenger is understood to be keen to strengthen his squad before the closure of the summer transfer window, and Daily Express reports the Frenchman is keen to complete a raid on PSG.
Cavani has been heavily linked with a move to the Emirates this summer, and it is understood PSG would be willing to accept an offer in the region of £45m.
The Uruguayan international is believed to be frustrated with the Parisian club after being played out of position to make way for Swedish star Zlatan Ibrahimovic.
Rabiot would provide Francis Coquelin competition for the defensive midfield role and is understood to be valued at around £25m.
According to the report, Arsenal have already begun talks with the Parisian club over the transfer of the duo.
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