The Gunners are understood to have been monitoring the Morocco international for some time and their north London rivals Tottenham are also thought to have shown an interest in the 23-year-old.
Montpellier last week confirmed that the French club had received two concrete offers for the attacking midfielder, who has been capped 21 times by Morocco.
And the player himself now says that he is set to make a decision about his future in the coming days, claiming that he has the “opportunity” to move to the English top flight.
“My decision is imminent, I have still got the time to think a bit but I will stand by the decision I will take,” said Belhanda, who played alongside Arsenal striker Olivier Giroud before his transfer to north London last summer.
“I wanted to play in the Premier League, I have the opportunity, so let’s see.”
Belhanda’s comments come after Montpellier president Laurent Nicollin confirmed that the club have received two offers for the player.
“We have two concrete offers for Belhanda with whom we are in agreement, it is up to the player to choose,” said Nicollin.
Belhanda, who has scored two goals in 21 appearances for Morocco, has netted 26 times and made 16 assists in 142 appearances for Montpellier after making his debut back in 2009.
He went on to win the Ligue 1 young player of the year award in 2012 for his contribution to the club’s title success.
ENHANCED ODDS: Get 14/1 on Belgium, Wales and Holland to win