The 26-year-old Gunners right-back has been heavily linked with a move away from the Emirates Stadium over the past few months.
Arsenal boss Mikel Arteta is keen to upgrade his right-back department.
Bellerin has been poor for the north London outfit over the past 12 months or so.
He is valued at around £17 million according to the British newspaper.
Arsenal make Hector Bellerin decision
The right-back has just two years remaining on his current deal at the Emirates, and a decision has to be made one way or the other.
According to Tuttosport, the Gunners are prepared to let him leave on loan this summer.
However, the Italian website claims that an obligation to buy the Spaniard must be included in the deal.
Bellerin came through the ranks at the Emirates, having left Barcelona’s famed La Masia academy as a 16-year-old.
He had so much promise and potential but, in truth, he has never really lived up to expectations at Arsenal.
Despite that, the right-back has been very good at times.
Perhaps now is the ideal time for Bellerin and Arsenal to go their separate ways.
The Spaniard earns £92k-a-week at the Emirates (WT Foot) and whoever signs him this summer should be prepared to match that salary.