The highly-rated Spaniard is out of contract at the end of the season and has long been linked with a move away from the club.
TalkSport reports that Mata will be reunited with his former Valenica boss Unai Emery at Arsenal at the end of the season.
Mata played for Emery at Valencia before joining Chelsea in 2012. Mata went on to move to Old Trafford in January 2014.