The Brazilian man hasn't appeared for the Gunners since arriving in 2011, but could now feature after gaining Spanish citizenship.
The 22-year-old has been at Arsenal since 2011, but is yet to make an appearance for the Gunners because of work permit restrictions.
That doesn't mean he hasn't gotten his share of first team football though, having made 132 first team appearances in Brazil and Spain.
Silva, who joined from Fluminese, has spent several loan campaigns away at Spanish clubs, and earlier this year was rewarded with dual Spanish and Brazilian nationality that will allow him to play for any EU club.
And Arsenal want to extend a contract that the ESPN report says has just a year to run.
Does Silva have a chance of finding a role in Arsenal's first team squad?
Of course, Silva's Spanish citizenship means that the winger may now turn out for Arsenal, and it remains to be seen to what degree Arsene Wenger will utilise Silva in his first team squad, or whether he may get sent out on loan to another Premier League or Championship side to acclimatise to English football.
It'll certainly be tough for Wellington Silva to get anywhere near the Gunners' starting eleven.
He played his first consistent top flight European football last summer with Almeria, but Andalusian side were relegated with Silva failing to score, although he did assist seven times while at the Juegos Mediterraneos.
He may be able to rival the likes of Serge Gnabry for a role as one of the squad's backup wingers, but considering he also plays on right wing predominantly, he would almost certainly start the season behind the German.