The Brazilian's impressive form both domestically and in Europe has seen him emerge on the radar of a host of top sides from across the continent.
Moraes has scored 10 goals in 22 games for Brugge so far this season, including a Champions League brace in the 4-0 thumping of Monaco.
Brugge are understood to be willing to discuss a deal worth around £15m, with the Belgian side realistic about their chances of keeping the 22-year-old from Europe's heavyweights.
Moraes is under contract with Brugge until 2023, but given his impressive form this season they feel now may be a good time to cash in.
With Danny Welbeck potentially out for the season and expected to be released on a free transfer in the summer Arsenal are short of depth up top and according to 'The Sun', the 'Gunners' are ready to compete with Fiorentina and Valencia to secure Moraes' signature when the transfer window re-opens in January in a bid to rectify that problem.
Should a deal be agreed, Brugge stand to make a huge profit on a player they signed for just £900,000 from Slovakian side AS Trencin in January of 2016.