According to Gianluca Di Marzio, the Gunners willing to pay the €25m release clause for the 24-year-old following recent negotiations held between the two parties, as Unai Emery looks set to bolster his midfield ahead of the new season.
The Belgian has been a key figure for the Blucerchiati this season, helping them to a 10th placed finish in Serie A, scoring once and providing three assists in his 32 appearances, which marked an improvement in output following his first season in Italy the previous year.
Praet however isn't the first midfielder who resides in Italy that has been linked with a move to the Emirates Stadium, with AS Roma's Lorenzo Pellegrini another name recently rumoured to be moving to north London.
While the aforementioned outlet claims the prospect of signing both Praet and Pellegrini still remains a possibility, it suggests that the former Anderlecht man is seen as an alternative to the Italian as Emery's transfer budget has reportedly increased from £50m to £70m for the summer.
A number of clubs are understood to be interested in Praet, with Italian giants Inter, Napoli, Roma and recently crowned Serie A champions Juventus set to rival Arsenal for his signature, while recent reports claim the Old Lady have reached an agreement to sign the midfielder on a four-year deal.