The Gunners are ready to pay £40m for 25-year-old France striker Benzema after missing out on Gonzalo Higuain and Liverpool's Luis Suarez.
Arsenal manager Arsene Wenger is keen to further boost his attacking options with Argentina international Di Maria, 25, who plays on the left wing.
It is understood Wenger is also chasing a goalkeeper and a defensive player.
Arsenal's only summer signing to date is the 20-year-old French striker Yaya Sanogo on a free transfer from Auxerre, but it is thought they could spend close to £100m by the close of the transfer window on September 2nd.
Speaking after his side's 3-0 victory at
Fenerbahce in their Champions League qualifying play-off first leg, Wenger admitted the pursuit of Suarez was over.
Arsenal saw two bids rejected for the Uruguay forward as Liverpool insisted he was not for sale.
"Absolutely no chance of that," said Wenger of Suarez arriving at Emirates Stadium.
The Gunners have also had a £10m offer for Newcastle midfielder Yohan Cabaye turned down, but Wenger suggested the final 12 days of the transfer window would be busy.
Arsenal lost at home to Aston Villa on the opening day of the Premier League season and have suffered injuries to Mikel Arteta, Alex Oxlade-Chamberlain and Laurent Koscielny, while Abou Diaby remains sidelined and fellow-midfielder Jack Wilshere is still returning to full match fitness.
"Quality wise we do not need, but numbers wise we are short," Wenger continued. "We lost Arteta and Diaby. We are without three international midfielders.
We will try and bring one in but we are working on that. What you have to understand is that there is still a long way to go.
"The transfer market really starts now, a lot of activity will happen between now and September 2nd. We have 12 days. A lot will happen. It starts now."
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