Usmanov has grown frustrated that the club's majority owner, Stan Kroenke, is unwilling to engage in takeover talks and has given up all hope of acquiring the club outright, the report cited the sources as saying.
Usmanov had previously made a $1.3 billion offer to buy out Kroenke, but KSE (Kroenke Sports & Entertainment) UK Inc said its shares in the Premier League club were not for sale.
Russia's so-called oligarchs who have relocated to London could be under threat as there have been calls to deny them access to their London lifestyles following the poisoning of former Russian double agent Sergei Skripal in Britain.
Usmanov and Chelsea owner Roman Abramovich are the most prominent among the Russian elite living in London.
Arsenal finished a disappointing sixth last season and missed out on a Champions League qualifying spot, with manager Arsene Wenger leaving after almost 22 years at the club. It appointed former Paris Saint-Germain coach Unai Emery as their new manager.
A representative for Usmanov declined to comment. Arsenal was not immediately available to comment.
Meanwhile, Il Sole 24 Ore have reported that Milan are keen on appointing Ivan Gazidis as their new general manager.
Italy's largest business newspaper claims that the Arsenal chief executive is the number one candidate the Italian club's new owners, the Elliott Management group, are considering for the role after dismissing Marco Fassone at the weekend.
Elliott took control of the Serie A club last week after Li Yonghong defaulted on the repayment on a loan he had taken out to acquire Milan in April 2017.
After appointing Paolo Scaroni as interim president at a board meeting on Saturday, Elliott are currently working on forming the club's new management, which could also include current Roma general manager Umberto Gandini, who previously worked as general manager of the Rossoneri, and one former player, believed to be Paolo Maldini.
Former Milan and Inter coach and PSG sporting director Leonardo has been touted as an alternative to Maldini to become their new sporting director, with Massimiliano Mirabelli, who was appointed by the club's former Chinese owners in April 2017, expected to be relieved of his duties in the coming days.
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