The Gunners have already announced one new addition this summer, having completed the permanent signing of Spanish goalkeeper David Raya.
Mikel Arteta's side are now working hard to secure Calafiori's signature as they look to strengthen their backline ahead of the 2024-25 season.
Arsenal are seemingly keen to bring in a defender who can provide competition to Arteta's first-choice centre-back pairing of Gabriel Magalhaes and William Saliba.
When will Arsenal complete Calafiori signing?
Arsenal closing in on Calafiori move
A recent report claimed that Arsenal have already agreed personal terms with Calafiori, who has also been linked with a move to Chelsea and Juventus.
The Gunners have reached an agreement with the Italy international over a long-term deal which would keep him at the club until June 2029.
According to journalist Fabrizio Romano, Arsenal are hopeful they can make enough progress in negotiations to complete a deal by next week.
The North London club have already scheduled another round of talks with Bologna as they look to come to a swift agreement over a transfer fee.
Previous reports have suggested that Bologna are hoping to strike a deal in the region of €50m (£42m), with the Italian club wary that 50% of any sale over €4.5m (£3.8m) will go to Calafiori's former employers Basel.
Calafiori set to take next step
Calafiori is closing in on a move to a Premier League title contender, which would represent a significant step in his promising career.
The 22-year-old, who joined Bologna from Basel last summer, featured in 37 competitive matches in the 2023-24 season, including 30 appearances in a successful Serie A campaign.
Calafiori was a prominent figure in a Bologna side that picked up 68 points to secure Champions League qualification via a fifth-place finish.
As a result of his impressive performances at club level, Calafiori was named in Luciano Spalletti's Italy squad for Euro 2024.
After making his debut in a warm-up game against Turkey, the centre-back went on to feature in all three of Italy's three group matches.
However, he was forced to miss the 2-0 quarter-final defeat against Switzerland after being handed a one-match suspension for an accumulation of yellow cards.
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