The 19-year-old, who is also said to be a target for Leicester City, has been in impressive form at club level this season, scoring twice and registering four assists in 32 appearances.
Ricci's contract with Empoli is due to expire next summer, though, and a number of teams are thought to be keeping a close eye on the developments surrounding the teenager.
According to Tuttomercatoweb, Arsenal are keen on the Italian and have already held discussions with the midfielder's agent over the possibility of a switch to the Emirates Stadium.
The youngster will allegedly leave Empoli in the upcoming market even if the club earn promotion back to the top flight of Italian football.
Ricci has scored twice and registered four assists in 62 appearances for Gli Azzurri.