The 18-year-old has a bourgeoning reputation in Europe since making his debut for Anderlecht last season, while this term he has already made 12 appearances for the Belgian club, scoring twice in the process.
Manchester United have been linked with a move for the talented youngster - likened to both Eden Hazard and Wesley Sneijder - in the past, but it appears as though Arsenal have stolen a march on their Old Trafford-based rivals in the race to secure his services.
Arsenal appear strong in the attacking midfielder department having snapped up Lukas Podolski over the summer, while Jack Wilshere's return from injury offers Gunners boss Arsene Wenger another option going forward.
However, according to the Express, Arsenal are keen on being active in the January transfer window and can flex their financial muscles thanks to a new £150 million sponsorship deal in order to beat Manchester United to the punch.
Praet is contracted with Anderlecht until 2015 and has opened contract talks with his club to further extend his deal, meaning both Arsenal and Manchester United must act quick if they want to sign him in January.