The Spaniard had limited game time last season after struggling with a hamstring problem and is yet to get back to his best following his anterior cruciate ligament rupture in the 2018/19 campaign.
The Gunners brought in Cedric Soares on loan from Southampton and made the defender’s stay permanent, handing him a long-term contract at the Emirates.
Mikel Arteta is in the midst of a squad overhaul and with the imminent arrival of centre-back Gabriel Magalhaes, Bellerin and versatile defender Ainsley Maitland-Niles are said to be among those who have been made available to sell.
According to Corriere dello Sport, Pirlo has made Bellerin his number one choice to sign at right-back this summer.
The report states that initial contact between the two clubs has already been made.
The 24-year-old has also reportedly been offered to Paris Saint-Germain, who are in urgent need of a right-back, while the Gunners are said to have turned down an offer of below £20 million for Maitland Niles.
Gunners hero Charlie Nicholas believes his former side should consider letting Bellerin go for the right price.
‘I would contemplate and look at, people have been mentioning, somebody like Bellerin if the right money came,’ Nicholas told Sky Sports.
‘If we can get him fit again and get him going again, then I’m all for Bellerin staying here.’