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Last season, Lozano scored 17 goals in 29 appearances in the Eredivisie and that was followed by an impressive showing for Mexico at the World Cup.
The 22-year-old is highly regarded by a number of top European clubs, and according to Tuttomercatoweb, Arsenal are ready to make their move for the attacker.
The report claims that contact has already been made with representatives of Lozano, suggesting that Unai Emery is ready to bring the player to the Emirates Stadium.
Lozano still has five years remaining on his contract at PSV, although the Dutch club may look to cash in on the wideman at some stage.