The Gunners were reported to be after the 31-year-old a couple of months ago, but have still made no official bid for the former Manchester City player.
Arsenal's defence is in dire need of strengthening, and Gunners boss Arsene Wenger seems to think that his fellow countryman could be a good addition to the squad.
The Gunners have been leaking late goals recently in the Premier League and are sure to be looking for players during the January transfer window who will be available to play in the Champions League.
Portsmouth on the other hand are in desperate need of financial boosting after they announced the club was in severe debt, and the sale of their best players come January could be forced.
Pompey have already had to let go of one of their prized assets, as midfielder Lassana Diarra will move to Real Madrid in a deal thought to be worth £19 million.
Speaking to L'Equipe, Distin said, "Since last year a lot of things have changed. The club have said that they are waiting until January to announce what direction they want to go in. We're nearly there.
"We will see if the best players that have left will be replaced by players of equal standing or not. Once the club have shown what their choice is, I will make mine in consequence. At the moment I'm waiting.
"I've read that I'm moving to Arsenal but neither me, nor my agent, have had any contact with them."
Nick Turner, Goal.com