The 23-year-old Nigerian is already captain of his country and has thus far scored 11 goals in 30 appearances for the Russian Premier League leaders this season.
Leicester are believed to have failed with a succession of January offers for Musa, who cites former Gunners forward and fellow compatriot Nwankwo Kanu as his inspiration, but pulled out of the race when they were quoted a figure in excess of £22m.
“I would be happy if I was wanted by Arsenal,” he said this week. “I have supported the team since the age of six. Kanu has been my idol since childhood. It will be fantastic to play for Arsenal.
“I will not hide it; Leicester actually came to our club. But I repeat that I want to finish the season with CSKA to help them to win a championship, and then think about changing team.”
Claudio Ranieri, whose side are top of the Premier League with nine matches still to play, had hoped to fill the void left by Andrej Kramarić’s loan departure to Hoffenheim in January but was forced to settle with Jamie Vardy, Shinji Okazaki and Leonardo Ulloa in attacking positions.
Musa is reported to have a £22.8m release clause written into his contract, which expires in 2019, after agreeing new terms last summer. Leicester nonetheless completed a trio of transfers during the winter window.
Demarai Gray signed from Birmingham City for £3.7m before Copenhagen’s Daniel Amartey followed the England under-21s star to the King Power Stadium. Denmark youth-level international goalkeeper Daniel Iversen also joined from Esbjerg.
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