Fulham, still hunting a new boss, have already refused a £2m bid
from Gunners chief Arsene Wenger.
Australian keeper Schwarzer, 37, is desperate to move across
London for a final chance of playing in the Champions League.
But Fulham do not have a direct replacement and will hold out
for their initial valuation of just over £4m.
Schwarzer, a free transfer from Middlesbrough two years ago, is
a surprise choice for Wenger, who has said he was not bothered
about signing a new keeper.
But it seems he has changed his mind with neither Manuel Almunia
or Lucasz Fabianski convincing last season.
Wenger is aware the signing of Schwarzer would only be a
short-term fix but the Frenchman has high hopes for Polish academy
star Wojciech Szczesny, 20.
Spanish keeper Almunia will leave if Schwarzer arrives, with
Atletico Madrid a possible destination.
Fulham have compiled a shortlist for a new No 1, which includes
Portsmouth keeper David James.