The Finnish international has been a consistent performer at the Reebok Stadium ever since Bolton entered the Premiership just over three years ago and both United and the Gunners are keen to strengthen their goalkeeping options.
Jaaskelainen, signed from VPS Vaasa in 1997, is currently stalling over signing a new and improved deal to stay with Wanderers, even though he still has two years left to run on his current contract.
Bolton are reluctant to let the player go but could be braced for receiving a couple of bids in the summer should the top duo want to revive their interest.