The 19-year-old has emerged as a key target for manager Mikel Arteta, as he searches for suitable competition for Kieran Tierney in that position.
According to Gazzetta dello Sport, Arsenal are moving ahead of Newcastle in the queue to sign Hickey.
The Gunners are willing to pay around £21.25 million for the exciting talent.
Hickey has been playing for Bologna since the summer of 2020, and won the Golden Boy award for his first season in Serie A.
West Ham United, Brentford and other European clubs also have an interest in his signature.
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