The Gunners are making good progress in their pursuit of Calafiori, who was one of the few bright sparks for Italy during their underwhelming Euro 2024 campaign.
Italy became European champions when they beat England in a penalty shootout at Wembley three years ago but they did not even reach the quarter-finals this time around, Luciano Spalletti's side knocked out by Switzerland.
Calafiori was arguably the only Italian player to leave Germany having enhanced his reputation off the back of a superb season for Bologna.
The 22-year-old has emerged as a top target for Gunners boss Mikel Arteta and Arsenal are believed to be closing in on a deal worth around PS40m.
Legendary Italian sporting director Walter Sabatini has bemoaned Calafiori's likely move to the Premier League and says it is a 'disaster' for Serie A.
'It's a disaster when strong, young players like him leave our league,' he told Radio Sportiva. 'EUR45million as a valuation is a huge sum but defenders are paid even more these days.
'Let's remember what he did in the 96th minute against Croatia: he came out with the ball at his feet, ran 40 meters, took on the defence and passed the ball.
'These are plays you only do if you have quality and the courage to take risks and to execute the action is something only great players do.'
Calafiori made 33 appearances for Bologna last season, helping the Italian side finish fifth in Serie A and qualify for the Champions League following a PS3m move from Basel almost 12 months ago.
The towering defender, who has also been linked with Chelsea, is said to be keen to join Arsenal and link up with a squad that finished second in the Premier League in 2023-24.
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'I really like this player. He is very good with the ball, is very intelligent without the ball and he can play different positions.
'He has got the fighting spirit, and is a great character with personality on the pitch so I think he could be an interesting target for Arsenal.
'He's got the leadership and confidence for sure. I watched him closely in the tournament and you could see he was so focused on what he had to do.'
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