Having failed to nail down a first team spot at the Emirates following his switch from Auxerre in 2010, Arsenal boss Arsene Wenger is keen for his young starlet to get some playing time.
The 22-year-old has made just 20 appearances in two seasons for the North London club and spent the second half of the last campaign on loan at Crystal Palace.
His switch to Holland could free up some space for Wenger to add reinforcements, with a number of striking options thought to be interesting the Frenchman.
However, Higuain could cost as much as £64.7million and his Napoli team-mate Jose Callejon could be a cheaper option.
Reports emerging from Italy have suggested the Spaniard could be available for around £18m.