It would also be an opportunity for Hickey to move closer to home after two years in Italy.
Hickey turns 20 in June and was signed from Hearts in the summer of 2020 for €1.7m.
This has been his best season so far with five goals and an assist in 35 Serie A appearances.
There had been reports over the last few days in Italy that Arsenal had already done a deal worth €20-25m including bonuses.
However, Mail Sport now maintain that a bidding war has erupted with Newcastle United and Brentford joining in to threaten Arsenal’s hold on Hickey.
He had been close to Bayern Munich in 2019, but wanted a move where he would be guaranteed regular playing time to aid his development, which was certainly provided by Bologna.
— Sun Sport (@SunSport) May 17, 2022