The 24-year-old has impressed for AZ Alkmaar since joining the club from Swedish side Kalmar FF in 2009.
Hamburg-based billionaire Klaus-Michael Kuehne is reportedly ready to fund a move for Elm.
“We are talking frequently [with Kuehne] and we are talking about many things,” said Jarchow.
“Elm is definitely a player that has been making our shortlist.”
Liverpool and Manchester United have also been linked with a move for the highly-rated midfielder.
