The Portuguese newspaper report that the 27 year old’s agent Jorge Mendes is trying to engineer a move away from the Estadio da Luz this summer for the midfielder.
The Portuguese international has spent the last four years at Benfica after joining from Atletico Madrid for €14million (£11.9m) in 2013. He was immediately loaned back to Spanish club Espanyol for the 2013/14 season before returning to Portugal to become a first team regular, winning three back to back league titles over the last three campaigns.
Pizzi had an excellent season for the Portuguese champions last season, scoring 13 goals and providing 12 assists in 52 appearances. The Gunners are said to be seeking to strengthen the central midfield area with Santi Cazorla expected to miss the start of next season with an ongoing Achilles tendon injury.