The Brazilian has been heavily linked with a switch to the Premier League, with Chelsea and Manchester City said to be keen on his signature.
Should he leave Turin, that would leave the Serie A champions needing to find a replacement and according to Tuttosport, they are ready to move for Bellerin.
The right-back still has six years remaining on his existing deal at the Emirates Stadium, but that has not stopped reports associating him with a return to Barcelona, where he spent part of his youth career.
It has previously been claimed that Bellerin would favour a move back to his homeland, leaving Juventus as an unlikely destination should Arsenal receive a lucrative offer from either club.
Bellerin made 42 appearances in all competitions during the most recent campaign.