Though the Arsenal manager has turned down overtures from Real Madrid and Paris Saint-Germain, Monaco have been encouraged by the uncertainty surrounding his future at the Emirates and are ready to tempt him with a salary equivalent to £22m in the UK — three times the £7.5m he currently earns.
Monaco are desperate to bring a celebrated manager to the club when they compete in the Champions League next season, having secured qualification last weekend.
But while former Chelsea boss Ranieri has proved a success in winning promotion and securing Champions League football, they remain 10 points behind leaders PSG. Russian owner Dmitri Rybolovlev is expected to dismiss him this month and is seeking to appoint one of Europe's elite managers.
For Wenger it would provide an emotional return to the club he managed from 1987 to 1994, when he was sacked despite having taken them to the Champions League semi-final.
However, it would also represent a considerable U-turn in his philosophy about football, given he has been critical of Chelsea's oligarch-funded success, labelling it 'financial doping.'
And there are huge issues surrounding Monaco's lavish spending and UEFA's new financial fair play regulations.
But Monaco have been emboldened by Wenger's reluctance to sign a new Arsenal contract, which runs out this year.
He has said his future will not be determined by the result of the FA Cup final and those who know Wenger well believe it is more likely he will decide on the basis of whether the fans want him to continue.
Though Arsenal are planning their summer transfers and pre-season training on the basis that he will stay, even those close to the manager think he has yet to make up his mind.
Wenger, 64, has said he has no other jobs on the horizon, and last night told beIN Sport radio: 'I've given my word to this club that I want to continue where I am'.
But were he to leave Arsenal, several clubs would be interested.
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