Reports in Italy state the 19-year-old is set to join the Gunners in a £21.5million deal, which would see him become manager Mikel Arteta's first signing of the summer.
The left-back moved to Italy from Hearts when he was just 17, where he has been a key part of Bologna's squad in Serie A over the last couple of years.
He made 36 appearances for them last season, scoring five goals and assisting one in the league.
The Scotland international predominantly plays at left-back, but can also play further forward, as well as on the right-hand side, too.
His versatility means he can play with or instead of fellow Scotland international Kieran Tierney for a spot at left-back for club and country.
Hickey already has two caps for his country, which shows how well thought of he is by national boss Steve Clarke when you consider the competition in full-back areas.
The defender has been a long-term target for Arteta and Italian outlet Gazzetta Dello Sport now claims a deal is 'very likely'.
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