The German side want to take the centre-back to the AWD-Arena for the rest of the season after the Switzerland international has only appeared twice this campaign for the Gunners
The 25-year-old has only made two appearances for Arsene Wenger's side this season, and has not appeared in a single Premier League game despite the club's early struggles in the season.
Despite his lack of game time, Hannover are "very interested" in a short-term move for Djourou, but club president Martin Kind confirmed there is no deal in place for the Switzerland international yet.
"I am able to confirm that we are very interested in bringing Johan Djourou to the AWD-Arena," Kind told Bild.
"He is on our short list of names and there have been some concrete talks with Arsenal going on.
"We make no hasty decision. But within the next two days it's possible that something happen."
Djourou is contracted to Arsenal until 2015 but has been unable to win a place in the starting XI with Thomas Vermaelen, Laurent Koscielny and Per Mertesacker all ahead of him.
And while Hannover are interested in the defender, the club's general manager insisted any potential deal would purely be a loan for the time being.
"We do intend to loan the player first until the end of the season and we will make a decision on his future," he added.