The 21-year-old's current deal at Ewood Park expires at the end of the season.
Gunners boss Arsene Wenger hopes to bring in the Canadian as he overhauls his squad at the Emirates Stadium, reports The Mirror.
Rovers boss Steve Kean recently revealed that Hoilett could yet sign a new deal with the Lancashire club.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Liverpool | 19 | 14 | 4 | 1 | 47 | 19 | 28 | 46 |
| 2 | Arsenal | 20 | 11 | 7 | 2 | 39 | 18 | 21 | 40 |
| 3 | Nottingham ForestNott'm Forest | 19 | 11 | 4 | 4 | 26 | 19 | 7 | 37 |
| 4 | Chelsea | 20 | 10 | 6 | 4 | 39 | 24 | 15 | 36 |
| 5 | Newcastle UnitedNewcastle | 20 | 10 | 5 | 5 | 34 | 22 | 12 | 35 |
| 6 | Manchester CityMan City | 20 | 10 | 4 | 6 | 36 | 27 | 9 | 34 |
| 7 | Bournemouth | 20 | 9 | 6 | 5 | 30 | 23 | 7 | 33 |
| 8 | Aston Villa | 20 | 9 | 5 | 6 | 30 | 32 | -2 | 32 |
| 9 | Fulham | 20 | 7 | 9 | 4 | 30 | 27 | 3 | 30 |
| 10 | Brighton & Hove AlbionBrighton | 20 | 6 | 10 | 4 | 30 | 29 | 1 | 28 |
| 11 | Brentford | 20 | 8 | 3 | 9 | 38 | 35 | 3 | 27 |
| 12 | Tottenham HotspurSpurs | 20 | 7 | 3 | 10 | 42 | 30 | 12 | 24 |
| 13 | Manchester UnitedMan Utd | 20 | 6 | 5 | 9 | 23 | 28 | -5 | 23 |
| 14 | West Ham UnitedWest Ham | 20 | 6 | 5 | 9 | 24 | 39 | -15 | 23 |
| 15 | Crystal Palace | 20 | 4 | 9 | 7 | 21 | 28 | -7 | 21 |
| 16 | Everton | 19 | 3 | 8 | 8 | 15 | 25 | -10 | 17 |
| 17 | Wolverhampton WanderersWolves | 19 | 4 | 4 | 11 | 31 | 42 | -11 | 16 |
| 18 | Ipswich TownIpswich | 20 | 3 | 7 | 10 | 20 | 35 | -15 | 16 |
| 19 | Leicester CityLeicester | 20 | 3 | 5 | 12 | 23 | 44 | -21 | 14 |
| 20 | Southampton | 20 | 1 | 3 | 16 | 12 | 44 | -32 | 6 |
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