The Metro are one of several outlets citing Sky Italia as reporting that Arsenal and Man Utd have registered their interest in signing Carrasco while AC Milan were also keen but have been put off by his hefty wage demands.
It doesn't sound promising for Arsenal, who have very limited funds for the January window.
The 25-year-old is now playing for the Chinese side Dalian Yifang but reports have suggested that the Belgian worldwide is keen on returning to Europe.
Arsenal are in the market for a wide attacker after losing Danny Welbeck for the rest of the season with a broken ankle while Henrikh Mkhitaryan is also on the sidelines with a fractured foot and it seems Carrasco has emerged as a potential target for Unai Emery.
However, according to Belgian journalist Kristof Terreur (via Daily Mail), Yannick Carrasco has been offered to Arsenal. While it's no secret that a deal for Denis Suarez could be on the table, a move for Carrasco could benefit the side. Henrikh Mkhitaryan has appeared inconsistent while Alex Iwobi can not be trusted as a regular starter, leaving the Gunners quite shallow in their squad depth.
Yannick Carrasco is looking for a Chinese Super League escape route and, despite his astronomical salary, it's no surprise on the evidence of his bewildering highlights package.
It was earlier reported that Manchester United are not the only club eyeing a signature for the 25-year-old Belgian winger.
Carrasco has a contract at Yifang until the end of 2021.
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