Arsenal have opened discussions with Hearts over the player who has already been capped by the Scotland national team and has scored eight goals in 21 starts for the Edinburgh club.
The Gunners are attempting to replace Mikel Merino who is sidelined with a foot injury and potentially out for the rest of the season.
Transfer expert Fabrizio Romano has reported today that Arsenal are in talks with the youngster who could arrive in North London later today.
“EXCL: Arsenal open discussions with Hearts FC on Scottish talent James Wilson, 18-year-old striker already capped for the National Team.
“Initial loan deal being discussed club to club.”
Arsenal boss Mikel Arteta was also interested in Newcastle star Sandro Tonali, but that deal looks to be off the table as the Magpies hold on to the Italian until the end of the campaign.
Wilson is under contract until 2027, meaning this summer represents Hearts' last chance to sell for a significant fee for the teenager.
The loan deal is likely to have a large buy option that Arteta may decide to trigger if he arrives and performs well in the second half of the season.