Bellerin has been subject to interest from Barcelona and Manchester City.
The 21-year-old still has three years left on his current deal but his progress appears to have caught the attention of other clubs.
The Mirror reports that Arsenal were hinting at a new deal for the Spaniard towards the end of last season but there had not been any real progress until now.
City were said to have expressed interest in the player during the summer but were told that Bellerin was not for sale.
When the defender eventually puts pen to paper on a new deal it will be a welcome move for both the club and their fans. It will show they are determined to keep hold of their best and brightest talents, although some may view it as a cynical move to protect the value of the player.
For now it can only be good news for Arsenal, who have made a positive start to the season in the Premier League with the side now just two points off the top following their win over Burnley.
Showing that they can challenge for honours this season could be a huge factor in keeping the likes of Bellerin at the club for the long term.
After a start to the season which saw them pick up one point from their opening two games, the Gunners have started to hit their stride. If they can sustain that then they will be in the mix come the business end of the campaign.
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