The Bees are the latest in a line of potential suitors that also includes Napoli and Newcastle United, while Bayern Munich were also interested in the past.
A report by the Daily Mail suggests that Thomas Frank's side have been long-term admirers of Hickey and are making plans to push ahead of interested parties this summer.
The 19-year-old has been in fine form for I Rossublú and was named the club's Young Player of the year this season.
So far, he has made 47 appearances in all competitions for the Serie A outfit since joining them from Hearts in 2020. He has scored five goals and provided one assist.
Hickey predominantly plays as a left-back, although his versatility means he has been deployed on the right flank of defense, while he is also comfortable as a wing-back.
His form has seen him become a full international, having won two caps for Scotland.
Arsenal have been monitoring Hickey for a while and are reportedly set to make a move for the Scotland international this summer. However, they will have their work cut out if they are to land him, considering the number of clubs interested.
Arsenal's defeat to Newcastle United has put question marks over Mikel Arteta's progress
Arsenal have been in disarray for the last decade, with the Gunners failing to make consistent progress that translates to tangible success.
However, Mikel Arteta's appointment seemingly lifted spirits and hope was restored that the Gunners were on the right track.
His work in the dugout seemed to be justified when Arsenal held a significant advantage in the top four race with just a month left to go in the season.
A run of three successive defeats saw their advantage seemingly slip away but inconsistencies of those around them played to their favor.
All that has come crashing down in the last week. First, a crushing defeat away to arch-rivals Tottenham cut their lead to one point but the Emirates outfit still had their destiny in their hands.
Victories in their final two matches against Newcastle United and Everton would have seen them secure a top-four spot for the first time in six seasons.
However, ghosts of seasons past came haunting and a total capitulation saw Arsenal fall to a 2-0 defeat to the Magpies.
The loss was characterized by everything that has gone wrong at the club over the last decade. The players were not up for the fight and lacked the drive and ambition to get over the line.
This has all but ruled out their chances of securing the top four. A win for Tottenham against an already-relegated Norwich City would see the Spurs finish above their rivals for the sixth season in a row.
Furthermore, their significant goal difference means a draw could still take the Lily Whites over the line.
This puts a huge dent on the seeming progress being made by Mikel Arteta. The lack of UEFA Champions League football will also affect the club's finances and their transfer plans could be hampered.