Hitman Tevez has been trying to get out of Manchester all summer.
And with Arsenal boss Arsene Wenger under growing pressure to bring in a top buy, the Gunners have suddenly come up with their shock proposal.
Midfielder Nasri had hoped to sign for City by yesterday lunchtime after being promised a £180,000-a-week deal.
But Arsenal - also on the verge of losing skipper Cesc Fabregas - have blocked the move while they see if they can sort a swap with Tevez.
The Gunners will have to make a cash adjustment in City's favour for the Argie because the club's top scorer is valued at £50million.
The best Arsenal can get for Nasri is £25m as there is only one year remaining on the French star's contract - meaning he could walk for nothing next summer.
However, Arsenal are hoping to get the Tevez fee down by £10m.
And they believe they can come to an agreement over his wages which could be as much as £200,000 a week.
Tevez has said he wants out of City to be closer to his family in Argentina but London is only 200 miles nearer South America than Manchester.
However, SunSport understands Tevez would be delighted to join Arsenal in a move which would be a massive boost for their fans.
An Arsenal insider said: "Tevez would be just the signing to give everyone a lift.
"There is a lot of work to be done yet but if there is a will on all sides it can happen.
"Nasri wants to get to City, Tevez wants to get out and Wenger needs a new star to get everyone off his back.
"It seems like win-win all round."
Meanwhile, Fabregas' expected departure to Barcelona has been delayed.
The midfield general was hoping to fly out yesterday to seal his £35million move to the Spanish champions.
But Barca have told him to wait until Monday when they hope to complete the formalities on a five-year deal.
The Gunners last night agreed terms with Costa Rican side Deportivo Saprissa to sign teenage striker Joel Campbell.
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