Bologna want to sign Arsenal center-back Mustafi in January, according to TMW.
Bologna are understood that they want to sign Mustafi and Arsenal are also willing to listen to offers.
This deal would have an expensive loan fee, Bologna could buy out the player at the end of the season.
Arsenal would have an option to buy Mustafi on a leasehold and share part of the salary of the center-back.
Mustafi has made just one league appearance and one assist for Arsenal this season. He also made five appearances in the Europa League with one goal.