The Sun says Stones wants first-team football to boost his Euro 2020 hopes.
Stones is represented by the same agency as Arteta and would be keen to discuss a move — even if it is on loan.
His season has been plagued by injury and loss of form and there has been no sign of a new contract offer from City with just two years left to run on his deal.
A source said: “He was in London to see his agent last week and is due back again this week.
“He knows if he is to resurrect his England career he has to get more time on the pitch.
“Arteta is in need of defenders so it could be perfect for both of them."