The Giallorossi are planning a shock swoop for Bellerin following his impressive loan spell at Real Betis.
The 27-year-old is facing an uncertain future at the Emirates with the player not believed to be in Mikel Arteta's plans.
Bellerin is on his way back to North London after his loan at Betis came to an end, says Calciomercato.com.
The Spain international helped the Seville outfit win the Copa del Rey, while he also played a huge role in his boyhood club finishing fifth in LaLiga.
Bellerin has made no secret of his desire to remain at the Estadio Benito Villamarin after releasing an emotional statement to Betis' fans.