The Spanish publication say that the Gunners have been keeping a close eye on the Dutch international.
The 22-year-old has been performing consistently for the Dutch club this season with four goals, and two assists in 25 matches in all competitions.
The left footed attacking midfielder generally plays in the middle of the park but has been asked by manager Giovanni van Bronckhorst to play on the left hand side on occasion. This season however he has spent the campaign playing solely in central midfield.
His performances at club level over the past year have also led to senior side call ups for the Netherlands. Both of his appearances have come as a substitute so far in friendlies. He made his debut against Austria last June, while he came on for the last 15 minutes in the 1-1 draw against Belgium in November.