Left-footed defender Calafiori made 37 appearances for Bologna in 2023/24, before playing for Italy at Euro 2024. As well as centre-back, the 22-year-old can also play at left-back.
If he eventually joins, Calafiori would be Arsenal’s third or fourth signing of the summer.
The Gunners have already brought in 18-year-old goalkeeper Lucas Nygaard as well as signing David Raya from Brentford on a permanent deal, with a fee now also agreed for Tommy Setford.