The Gunners were reported to have seen a £56 million approach for the Italy international knocked back in January.
They remain keen on doing a deal, but Premier League rivals from across London have also joined the hunt.
Belotti’s 27-goal return for club and country this season has helped to make him hot property, with his exploits in Serie A seeing him lead the race for the Capocannoniere.
He is also a leading contender for the Golden Shoe award, alongside the likes of Lionel Messi and Pierre-Emerick Aubameyang.
Interest in his services is likely to build for as long as he remains in such prolific form, with the summer transfer window expected to spark a scramble for his signature.
Belotti, though, is in no rush to leave Turin and has taken the opportunity to point out that he is not looking for a move.
The 23-year-old frontman told Tuttosport: “Of course I am staying. I want to remain at Torino. In fact, I will stay at Torino next season.
“Let the Granata fans know! I am definitely staying.”
Having failed to find the target for Italy in their 2-0 victory over Albania on Friday, Belotti has now gone three games without a goal.
That is his longest run without finding the target this season, so his sights will be set on ending that sequence when the Azzurri face the Netherlands in Amsterdam on Tuesday.