The Gunners have been tracking the attacking midfielder for almost a year, amid a campaign which has seen him become an instrumental part of the Celtic starting line-up with eight goals in 32 appearances across all competitions.
They were originally recommended the Australian international by former scout Brian McDermott, now in charge at Reading, and could launch an official bid during the summer transfer window.
However, the 23-year-old is in high-demand and the Gunners will find their interest rivaled by several clubs from the Italian and Spanish top flights – although such alleged suitors are unnamed by SMH.
It’s likely the Scottish champions will be forced to cash-in on Rogic if they receive a decent offer this summer. His contract expires at the end of next season and talks over a new deal at Parkhead seem unlikely.