Hernanes has impressed for Lazio this season and has bagged eight goals and two assists as the Rome-based club go in search of Champions League football.
The Gunners have been on the lookout for a playmaker to fill the void left behind by Samir Nasri and Cesc Fabregas at the start of the season, and could look to the Brazilian international as the answer to their creative problems.
The 26-year-old has been linked with a move to Russian outfit Anzhi Makhachkala but La Gazzetta dello Sport reports that the player himself is not keen on the idea of moving to Russia, and instead is willing to discuss a move to Arsenal at the end of the season.
Lazio are believed to be willing to let Hernanes go in the summer in the hope of doubling the £8 million they paid Sao Paulo for his services back in 2009, although whether the Gunners will be willing to pay a fee in the region of £18 million remains to be seen.
Arsenal have had scouts run the rule over Hernanes and have been impressed with what they have seen, reporting back favourably to Arsene Wenger who will make the final decision over whether to pursue their target or not.