Fraser earned interest from the top six in 2018-19 after providing Eddie Howe's side with 14 assists - the second best tally in the league - and seven goals.
This season has been more challenging for the Scot, tallying just four assists amid the Cherries' tight battle against relegation.
Fraser has not signed a new deal and looks be halfway out the Vitality Stadium exit door, with the Gunners ready to pounce and secure the long-time target for free, according to Teamtalk.
The former Aberdeen man signed for Bournemouth for less than £500,000 in January 2013, when the South-coast side were in League One.
He has gone on to be a valuable member of their fairytale rise to the Premier League under Howe, making 208 appearances.
Fraser will add depth to an Arsenal squad in need of work, with Arteta set for an important summer transfer window.
The Gunners have endured another dramatic season, with Unai Emery and Freddie Ljungberg already having taken the hot-seat this term.
They lie ninth, eight points behind fourth placed Chelsea, and will aim to finally break back into the Champions League after a change of fortunes under Arteta.
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