The Italian newspaper claims the Gunners will have to see off Real Madrid if they want to sign the 20-year-old, with the La Liga champions considering the forward as a potential successor for Karim Benzema.
Hojlund only joined Atalanta from Sturm Graz for €17m (£15m) last summer but he has been in good form for the Serie A club, racking up seven goals in 21 appearances.
He was handed his first senior cap for Denmark back in September, coming on as a substitute in a UEFA Nations League fixture against Croatia.
Atalanta believe Hojlund has a very promising future ahead of him, and they won’t let him leave on the cheap. It is believed that they could hold out for a fee in the region of €50m (£44m).
Arsenal are not exactly short of options up front. Gunners boss Mikel Arteta already has Gabriel Jesus and Eddie Nketiah at his disposal and, with Folarin Balogun set to return from his loan spell at Reims in June, it’s difficult to see where Hojlund would fit in.