According to the 'Daily Mail', Neil Warnock is looking to bring in an experienced midfielder before the transfer window closes at 5pm.
It is understood the 'Bluebirds' want to sign Arter on a season-long loan deal.
Arter, 28, would become Cardiff's fifth summer signing after Josh Murphy, Bobby Reid, Alex Smithies and Greg Cunningham.
The Republic of Ireland international has made 255 appearances for Bournemouth in his eight-year stint at the club.
The 'Cherries' broke their club transfer record on Tuesday to sign Colombian midfielder Jefferson Lerma. The deal was worth a reported £25m.