Arias, who has 32 caps for Colombia, is valued at £12m.
Earlier this season, Arias admitted he was ready for the next level.
He said: "I have a contract until 2019 with PSV, but I am ready for the next step.
"In the summer I hope there is clarity as soon as possible. My agent knows I want to go to Germany, England or Spain and is working on that.
"But it is important that there is a sufficient prospect of playing time. If there is nothing, I'll stay here. I've already played over a hundred appearances for PSV. That's not crazy, right?"