The 20-year-old impressed on a season-long loan with Spanish side Sporting Gijon last term, netting 11 goals in 27 Liga starts.
As a result, speculation has mounted over his future, with manager Mauricio Pochettino reported to have rang him directly last month (talkSPORT).
And Mundo Deportivo has reported that both clubs are close to agreeing a deal for the Paraguay international, whose contract in the Italian capital expires in 2019.
The report goes on to claim that Sanabria - then at Barcelona - rejected Arsene Wenger's attempts to bring him to Arsenal in favour of dropping down into the Catalans' B team, which he did in 2013.
It will hurt Wenger if he ends up at Arsenal's North London rivals Tottenham - and even more so if he goes on to fufill the kind of potential that the Frenchman obviously believes him to have.
But playing time on the white half of North London could prove tricky initially, with Harry Kane establishing himself as the Premier League's most lethal goalscorer last season after netting 25 times.