The SPL leaders are set to lose Manchester City starlet Patrick Roberts when his loan deal expires at the end of the season.
And Celtic chiefs have earmarked Gunners academy graduate Willock as a possible replacement.
The 19-year-old winger made his first-team debut as a substitute in the 4-0 EFL Cup win against Nottingham Forest back in September.
His only other appearance for Arsene Wenger’s side came the following month when they beat Reading in the same competition.
Celtic boss Brendan Rodgers will attempt to lure the young Gunner north of the border with the prospect of regular first-team football.
Roberts has scored five goals in 35 games for the Scottish champions this season but is due to return to the Etihad in the summer.