Leicester City are looking to add to their squad after qualifying for the Champions League.
The tabloid claims Arsene Wenger's side have already scouted Locatelli, who is a regular for AC Milan's primavera team but is yet to make his first-team bow.
But, according to the report, Leicester hope their already-acquired Champions League status can help lure the 18-year-old to the East Midlands instead.
The 19-year-old was linked with a move to the Emirates Stadium in January, after reportedly turning down a new deal with the Blues, for whom he is yet to make an appearance at senior level.
Aina is an England Under-20 international, while Locatelli plays for Italy at Under-19 level.
The defensive midfielder, who's been earmarked as a future Milan captain by the club's head of scouting Mauro Bianchesi, was called into Sinisa Mihajlovic's first-team squad earlier in the campaign but with Milan's Champions League hopes evaporating by the week, the Serbian was relieved of his duties on Tuesday.
Leicester boss Claudio Ranieri has adopted a youth-focused approach to transfers since taking the reins last summer, bringing 19 year-old Demarai Gray, 21-year-old Daniel Amartey and 18-year-old Daniel Iversen to the King Power Stadium.