The 17-year-old is yet to make his league debut for the Tigers but featured in two FA Cup fixtures earlier this season – including a scoreless draw with the Gunners.
ESPN claim an impressive showing during that game triggered Arsenal’s interest in the left-back, who has represented England three times at U17 level this year.
However, Arsene Wenger’s side are by no means alone in the battle to sign Tymon during the summer transfer window, with north London rivals Tottenham Hotspur also tracking his progress.
Likewise, fellow Premier League clubs Liverpool and West Ham are also believed to be watching the defender from afar, although their interest appears to be less significant.
A 5-1 slip-up against Newcastle United saw second-place Arsenal finish above Tottenham this term, for the 21st season in a row.