The Gunners are understood to have opened talks with the Serie A club for the 17 year-old.
Agent Luigi Liberti stated: "I know of the interest of big clubs.
"Especially because he is a very serious and professional guy, going beyond the technical skills and value that make the difference and so he is be able to have an important professional career.
"This year he's proving to be one of the most interesting young players on the Italian scene.
"Crotone has repeatedly reiterated me to have big plans for Nello, our objective at this time is only the constant growth of the boy."