Wilson would be set to play in the Premier League 2 side, with the intention of making the loan move permanent in the summer. Arsenal are willing to meet the forward’s wages in full.
Herald Sport now understands that London rivals Spurs are also interested in the 18-year-old Scotland international. Celtic are also admirers, but not in the current window.
Under contract with Hearts until summer 2027, Wilson has made 10 appearances this season, with just one start in the league.
Struggling for regular game time, the teenager and Hearts are open to a loan move this window to play regular football, but talks remain at an early stage.
There was significant interest in Wilson when he was 15 years old, including from Manchester United, before he opted to stay at Hearts for first-team football.
Since then, he has played 45 times and made it onto the international stage with Scotland.
Brexit has prompted a rush from English clubs, including Arsenal, to plunder the Scottish market for up-and-coming talent.
The Premier League club have also expressed interest in signing Evan Mooney from St Mirren.