Gunners boss Mikel Arteta is keen to bring in defensive reinforcements after finishing runners-up behind Manchester City for the second consecutive Premier League season.
The Italy centre-back impressed during their tepid Euro 2024 campaign - playing the entirety of every group game - after a breakthrough season with Bologna that saw the club qualify for the Champions League.
Calafiori was a huge miss in Italy's last-16 knockout defeat against Switzerland after being suspended for picking up too many yellow cards across the group stages and is now keen to sort his club future.
Arsenal have identified Calafiori as one of their top defensive candidates and are now attempting to push through a deal before their pre-season tour of the USA begins.
However, the Gunners face stiff competition from Chelsea for the Italian who are expected to again spend heavily following a disappointing season.
Liverpool have also been linked with a move for the 22-year-old but have no interest in challenging Arsenal or other clubs for the rising star's signature.
Calafiori is well-liked by Arteta because of his ball-playing ability and confidence when stepping out from the back-line as he demonstrated excellently in Italy's recent 1-1 draw with Croatia.
His arrival would provide competition amongst Arsenal's centre-back ranks with Gabriel and William Saliba amongst the Premier League's best, while Jurrien Timber remains unproven after his injury-hit season following his move from Ajax last summer.
Bologna have previously expressed their desire to keep hold of Calafiori but will consider any high-value offer, with the club's technical director Giovanni Sartori previously outlining their stance.
 'We will try to keep Calafiori but if important offers arrive we will have to take them into consideration,' he told Sky Sports Italia.
'I don't think he will go to Juventus. He will probably go to a different market,' he added.
Meanwhile, Chelsea are also monitoring Jarrad Branthwaite's situation at Everton but are yet to make any formal move, while Man United have had an opening bid rejected by the Toffees.Â
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