The Gunners are in the market for defensive reinforcements, with Wenger currently having no recognised full-backs available for selection.
Wales international Taylor has been mooted as one option for Arsenal after impressing during Swansea's solid start to life in the Premier League.
Taylor, who was wanted by Newcastle in the summer before signing a new four-year contract, is aware of the speculation and has been boosted by rumours he is wanted by the Gunners.
"I'm flattered by the interest from Arsenal," said the 22-year-old in the Daily Star. "I'm enjoying my football at Swansea but it's a great thing to hear."
However, the former Wrexham defender insists he is happy at the Liberty Stadium.
"I've had a few texts off people telling me, but I just get on with my football," Taylor told BBC Sport. "I'm enjoying my football here and I think it's going great.
"Every player should be getting watched at the moment because we're a young outfit and we're doing really well.
"We play some exciting stuff and I think a lot of people are talking about us which we want to just keep doing.
"We're hard working bunch and as long as we stay together and keep going, we'll be successful as a team."
Arsenal head to South Wales on Sunday and Taylor is hoping the perennial Champions League qualifiers can be Swansea's first major home scalp.
He added: "People are already saying what a big test Arsenal are going to be for us. But the way we look at it, it is also a big test for them coming to the Liberty.
"We want to carry on doing as well as we have been at home and it's about time we won a game against one of the top teams.
"I don't see why they can't be that big scalp. When we played them at the Emirates, we should definitely have got a result. Instead, only a freak goal on the day saw us lose.
"Only Manchester United have beaten us in 10 league games at home and, hopefully, if we can give a good account of ourselves, we can make it a tough day for them."
