In addition to the Gunners, the 22 year old is being watched by AC Milan and West Ham United with the holding midfielder having made an impressive start to the league season.
Dendoncker is now in his fourth campaign of first team football at Anderlecht, and the midfielder has already racked 144 senior appearances despite his relatively young age.
He has experience of the Champions League, having played for Anderlecht in their group stages matches against Bayern Munich, PSG and Celtic this season. They have been on the end of heavy defeats in all their games so far though and have not scored a goal.
His previous season in the group stages came in the 2014/15 season when he came up against Arsenal. He played as a defensive midfielder in the 2-1 home defeat to the Gunners back in 2014, and played at centre back when the Belgian club drew 3-3 at the Emirates in the return fixture.