Torreira is expected to leave the club on a permanent basis this weekend after agreeing personal terms with Turkish giants Galatasaray.
With his expected departure, football.london report that the Gunners will revive their interest in signing long-term target Tielemans.
The Belgian has already agreed personal terms with the Gunners, but the club have been playing the long game in order to lower the fee.
Leicester City were eyeing around £30m at the beginning of July, but they could be forced to lower the price tag in the coming days.
Tielemans has just 11 months remaining on his contract with no plans to renew. The Foxes are bound to sell him rather than lose him for nothing.
Arsenal are scheduled to host Leicester City in the Premier League on August 13. The Gunners may seek to sign him before the fixture.