Corriere dello Sport says Gunners boss Unai Emery is looking at Praet as a serious option - and for just €20m (£17.3m).
Arsenal's transfer budget, however, will depend on whether they can secure Champions League football next season.
Praet can play in the No. 10 position and can produce slick, intricate passing, and also creates opportunities for his team-mates.
Emery's side are currently fifth in the Premier League with just four games of the season left to play.