The 25-year-old is down the pecking order in Turin and has only made seven appearances for the Italian champions during the 2019-20 campaign, leading to speculation surrounding his future.
Wolverhampton Wanderers have recently been credited with an interest in the defender, who will allegedly be available for £23m during the upcoming transfer window.
However, according to Tuttosport, Arsenal are also weighing up an approach for Rugani, who has been capped on seven occasions by the Italian national team.
The former Empoli youngster still has four years left to run on his contract with the Old Lady, having only penned an extension last July.
Arsenal continue to be linked with a number of centre-backs amid suggestions that David Luiz, Sokratis and Shkodran Mustafi could all leave the club ahead of next season.