The 23-year-old is the top goalscorer in Serie A with 22 goals from 26 appearances.
Belotti made his Italy debut last year and now has five caps.
He has impressed teams in Europe and could be set for a summer move.
Andrea Belotti is on Arsene Wenger's radar as he looks to overhaul his squad
Andrea Belotti is the top scorer in Serie A this season
Both Arsenal and Napoli have made made offers starting at £43million, according to Tuttosport.
Wenger is under pressure after Arsenal dropped out of the Champions League and the title race.
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They have lost six of their last nine games and fans have begun protesting against Wenger.
Mesut Ozil and Alexis Sanchez look set to leave and Belotti looks to be on the shortlist of potential replacements.
Belotti is being hailed as the next great Italian striker and would fit the mould for the Gunners if they can beat Napoli to his signature.