Belotti has attracted plenty of interest from some of Europe's elite clubs with his performances for Torino this season.
The 23-year-old has established himself as one of the world's most potent attackers, scoring 22 goals in just 26 Serie A appearances.
And according to bookmakers Ladbrokes, Arsenal have had their odds halved from 12/1 to 6/1 to sign Belotti.
Andrea Belotti is attracting plenty of interest from Europe's elite
Chelsea are clear favourites to sign Belotti
The Italy international reportedly has an £86million release clause but it was reported yesterday that Arsenal had made an offer starting at £43million.
But bookmakers Ladbrokes continue by saying that the Gunners are someway behind clear favourites Chelsea to sign Belotti, who are 7/4 to complete a move.
Manchester City are also ahead of Arsenal in the race to sign the striker at 5/2.
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But Arsene Wenger's side are ahead of a number of European giants, including 7/1 shots Bayern Munich and Paris Saint-Germain at 8/1.
Arsenal could be heading into a summer of uncertainty with the futures of Mesut Ozil and Alexis Sanchez yet to be decided.
The latter has cut an increasingly frustrated figure in recent weeks following Arsenal's poor results.
And it seems Arsenal are keen to prepare for life without the Chile international, with Belotti top of their wishlist.