Haaland is expected to leave the Bundesliga outfit in the summer of 2022 when his release clause, valued at around £64m, becomes active and Lehmann – who made 179 appearances for Dortmund between 1999 and 2003 – believes the Gunners are contenders to land the Norwegian.
"[Haaland] already has an imposing stature; the force and height. Of course, he has to improve his [right] foot but I have never seen such a big, big player be so fast," Lehmann told Bild.
"He's still [at Dortmund]. There aren't that many clubs where he can go and where he can make a difference. Maybe he could go to Manchester United or Arsenal, where he could bring a club back to the top."
Haaland has scored 70 goals in just 69 appearances across all competitions for Dortmund, including 13 strikes in 10 games so far this campaign.