The Gunners are keen to bolster their defence after missing out on the Premier League title to Man City last season and Italy's Euro 2024 star Calafiori has emerged as a key option for Mikel Arteta.
According to the Evening Standard, however, the two clubs have been unable to agree a fee on the player - who is valued at around £42million by Bologna - with Arsenal £8m away from reaching that fee.
The 22-year-old impressed many in Germany this summer as he played three games, playing the full 90 minutes against Albania, Spain and Croatia.
It came off the back of a solid Serie A season with Bologna that saw him start 26 league games, scoring twice and assisting five, with clubs now circling for the boyhood Roma star.
He was crucial for Bologna last season as they finished fifth, qualifying for the Champions League for the first time since 1964.
Calafiori's former club Basel stand to take home 50 per cent of any transfer fee Bologna collect for the defender, who can play at centre-back or left-back, which is why the Italian outfit are pushing to take home as much money as possible.
The Standard's report adds that Calafiori is eager to make the switch to Arsenal and work under Arteta, but will be forced to travel to South Tyrol in the north of Italy for Bologna's pre-season training camp.
Arsenal have already made one signing this summer, bringing in goalkeeper David Raya on a permanent deal from Brentford after a successful loan last season. This weekend Arteta's men will jet out to the United States for their pre-season tour, hoping the Calafiori deal will be ironed out in due course.
They will play friendlies against Bournemouth, Liverpool and Man United before further clashes against Leverkusen and Lyon in the Emirates Cup. The Gunners will then play their Premier League opener against Wolves at the Emirates on August 17, hoping to ignite yet another bid for the title.
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