The 22-year-old has scored 16 goals across all competitions to go with 15 assists in his 37 appearances so far this season, keeping the club in the hunt for their first Eredivisie title since the 2017-18 season.
Voetbal International says the Gunners are favourites to sign the dazzling winger.
Mikel Arteta's side were strongly linked to the Holland international during the last transfer window following Pierre Emerick-Aubameyang's departure and their need to to strengthen in attack.
However, they were dealt a setback as PSV renewed the Dutch star's contract until 2026.
Despite his new contract, it will be tough for the Eredivisie side to keep the player given the interest in him from clubs across Europe.
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