Leno had been regarded as one of the brightest goalkeeping talents in Europe when he was younger but his development seems to have stalled in recent years in Germany.
New Arsenal boss Unai Emery could be in the market for a new goalkeeper with doubts over current number one Petr Cech, who at 36 years of age showed signs that he was beginning to deteriorate during the campaign.
The Gunners have wasted no time in making their move as the Italian publication claims that Arsenal have now agreed a fee in the region of £22m to sign Leno while personal terms have also been agreed with the player.
French farmers start refineries blockade over palm oil imports
Farm Minister Stephane Travert said on Monday the farmers' blockades were illegal and the government would not rescind the decision to allow Total to use imported palm oil.
But reports on Tuesday suggested no agreement was close between the respective parties.
Strengthening central midfield is a priority for the Gunners and the 22-year-old is seen as an ideal fit technically and at a reported £26m, would fall within their budget.
Torreira is Arsenal's main central midfield target and they are hoping to reach an agreement on a deal for the Uruguay global, who has a €25 million release clause.
The former Stoke and Blackburn man said: "I am feeling very good at Seville but they are not the biggest club in Europe".