The 23-year-old midfielder has been heavily linked with a move to the Premier League after it was recently confirmed he is free to leave France this summer.
Gunners boss Arsene Wenger has been credited with an interest in bringing the Moroccan international to the Emirates Stadium when the transfer window reopens on July 1.
However, Arsenal will face competition from north London rivals Tottenham, with Andre Villas-Boas also said to be weighing up a bid to lure Belhanda to White Hart Lane.
The Montpellier star has openly admitted he would like to test himself in England, but so far Aston Villa appear to be the only Premier League side to have made an official enquiry, alongside a host of top European clubs.
"He is leaving. There are four or five clubs that have come in," Nicollin told LeSport10. "Yes. From AC Milan, Inter Milan, Atletico Madrid, Galatasaray and Aston Villa.
"It is now down to the player to choose now because we are almost in agreement with the clubs.
"We have no problem now, he [Belhanda] has the authority to agree with whoever he wants now. He will leave for 14-15 million euros."
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