Italian journalist Emanuele Giulianelli claims the Gunners have lodged the mega-money offer for the French striker.
And he adds that Benzema is keen on a switch.
Giulianelli wrote on Twitter: "Benzema deal is on: best offer is from Arsenal, £45mln. They will take a decision soon. He wants to reach Wenger."
If Real accept the reported offer it would break Arsenal's transfer record.
Their current highest spend is the £42m they paid for Benzema's former Real team-mate Mesut Ozil two years ago.
Arsenal have reportedly made Pierre-Emerick Aubameyang their first-choice alternative if a deal for Benzema falls through.
Karim Benzema, 27, has 281 appearances for Real Madrid while scoring 133 goals for the club.
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