German behemoths The defender is also being watched by Bayern Munich and Borussia Dortmund.
Aarons, 22, has two years left on his contract with the Canaries, who are currently in last place in the Eastern Conference.
However, with his team facing an uphill battle to stay in the Premier League, now may be the time to cash in.
Aarons, who is worth over £20 million, had previously piqued the curiosity of Barcelona and Roma.
After Aaron Wan-poor Bissaka’s play, United are evaluating their right-back alternatives, while Aarons fits Arsenal’s new template of signing young English stars.
The England Under-21 defender has remained a Norwich City fan.
If they are demoted to the Championship, though, their resolve will be put to the test.
This season, Aarons has made 29 appearances for Norwich, 28 of which have been in the Premier League.
Despite his young age, the Carrow Road academy graduate played his 150th game for the club in January, demonstrating his dependability and consistency.
Tyrick Mitchell, 22, has been praised for his outstanding efforts this season, earning him an England call-up.
Aarons, on the other hand, has superior statistics than the Crystal Palace full-back, having been dribbled past 16 times in the Premier League compared to the Eagles’ emerging star’s 17 occasions.
After suffering a hamstring injury last month, Aarons is ready to return for Norwich tomorrow when they travel to Manchester United.
Last season, the defender assisted Norwich in winning the Championship title under Daniel Farke.
Despite City’s relegation, he had a tremendous influence in his debut season in the Premier League in 2019-20.