The 22-year-old Frenchman has been a standout performer for the Ligue 1 club this season and is believed to have met Wenger last November to discuss a potential move to the Emirates over the summer, according to France Football.
Having reportedly failed to lure Bakayako to Arsenal, it is now thought that the robust midfielder will join Chelsea instead.
It was reported last week that a £35million deal had been agreed between Chelsea and Monaco but France Football say the French club will ask for £50million.
It will come as a huge blow for Wenger and Arsenal if reports prove to be accurate. Not only because the Frenchman failed to persuade Bakayako to join Arsenal but to see him potentially join a title rival next season will make it even worse.