The 18-year-old has played a starring role for Jack Ross's team in the 2020-21 Scottish Premiership season, contributing one goal and four assists from 28 appearances to help Hibs to a third-placed finish.
Doig only penned a contract extension with Hibs in February - one which is set to keep him on the books until 2025 - but his performances have understandably attracted interest from Premier League clubs.
According to football.london, Arsenal are now planning to make their move for the teenager, two years after his compatriot Kieran Tierney arrived at the Emirates from Celtic.
With Sead Kolasinac expected to complete a move away from Arsenal this summer, Mikel Arteta is thought to be eyeing backup options for Tierney, with Ryan Bertrand - set to leave Southampton at the end of the season - also rumoured to be a target for the Gunners.
Leicester City are also thought to be interested in Doig, who rose through the youth ranks at Hearts before signing for Hibs in the summer of 2019.