The Gunners are targeting in the midfielder, along with his teammate Joachim Anderson.
However, Praet spent time on trial with Arsenal as a teenager and has featured against them in the Champions League.
"I played a match with the reserves, I visited the training complex and I went through training with the first team. I never met Arsene Wenger.
Wenger was asked about Praet's time at the club after he faced them for Anderlecht.
The Frenchman said: "When he was 15 or 16 years old, he came with Kyle Ebecilio who, in between, went back to Holland.
"At the time, he was judged – I didn't know he was here, I didn't know him at the time – a bit weak physically.
"Since then he has developed well. I was honestly impressed by his performance when we played in the first game."