The 27-year-old has been heavily linked with a move away from Anderlecht for some time, with the Premier League looking like the most likely destination for the midfielder.
Gunners boss Arsene Wenger has been credited with an interest in bringing the Argentine to the Emirates Stadium this summer, as he seeks to strengthen his squad in north London ahead of the 2013/14 campaign.
Arsenal will face stiff competition for Biglia's signature, though, with Liverpool's Brendan Rodgers also monitoring the South American star's situation in Belgium, with a view to luring him to Anfield.
Biglia has been with Anderlecht since 2006, and has made no secret of his desire to test himself in a major European league.
It has been suggested that the club will accept bids in the region of £8million for a player that is now on the transfer shortlist of Serie 'A' side Lazio.
A move to the Stadio Olimpico in Italy, will probably be an exciting proposition for a player that has represented his country on seven occasions since making his debut in 2011.
But, without the offer of Champions League football, Lazio might find themselves hard-pushed to tempt Biglia to Rome, if Arsenal are successful in their bid for a top four finish in the Premier League.