The Belgium international was thought to have been a target for the Gunners when Unai Emery was in charge in 2019, but it was Leicester who won the race to sign him from Sampdoria.
Praet has struggled to become a consistent part of Brendan Rodgers's plans, though, as he only started 10 Premier League games for the Foxes during the 2020-21 campaign and was an unused substitute in the FA Cup final.
According to The Athletic, Praet is set to weigh up his options once Belgium's Euro 2020 campaign concludes, and Leicester may be willing to sanction a sale for the right price.
The report adds that the 27-year-old is frustrated at his situation, and the imminent arrival of Boubakary Soumare could push him further down the pecking order, potentially leading Arsenal to rekindle their interest as they eye midfield additions.
Praet's existing Leicester deal is due to expire in the summer of 2024, and he has scored three goals and assisted five more in 60 appearances for the Foxes across all competitions. body check tags ::