Hickey impressed for the Italian team over the past season, increasing his number of appearances from the campaign prior by more than three times.
He played 36 matches for Bologna last term and chipped in with five goals, being deployed both in midfield and in defence.
His displays have seen the Scotland international receive Premier League attention, with Aston Villa and the Gunners initially interested.
The Villans have subsequently ended their interest, but there is no lack of competition for the Gunners in their pursuit of the Serie A star.
Brentford have now made an approach to Bologna about Hickey and are the only club to so far make contact with the Italians.
Hicky is valued at around €25m by Bologna and his contract with the Italian side runs until the summer of 2024.
Apart from Arsenal and Brentford, Hickey has also been linked with their London rivals West Ham United and it remains to be seen if he is a Premier League player next term.
