The 19-year-old is yet to register a Premier League appearance for the Foxes but featured in the FA Cup earlier this season after returning from a loan spell with Huddersfield in January.
He’s rated as one of English football’s most exciting young talents, having represented the Three Lions twelve times at youth level and generated transfer interest from some of the Premier League’s top clubs.
Indeed, Football Insider claim Liverpool have identified the left-back as one of their priority targets for the coming transfer window, in a bid to provide competition for resident No.3 Alberto Moreno next season.
But it appears Arsenal are hoping to take the initiative in the race for Chilwell’s signature, with the north London club reportedly ready to enter negotiations over a summer transfer.
However, Leicester City turned down a £7million bid from the Gunners in January, so Arsenal and Liverpool will have to improve upon that offer if they wish to sign the Bedford-born starlet.