A defensive merry-go-round is set to see Gunners full back Bacaray Sagna move on, with Abate lined up to replace him at the Emirates leaving a vacancy post at the San Siro.
Paris Saint Germain are also interested in Abate, who is close friends with Zlatan Ibrahimovic and he also shares an agent with the Sweden captain.
Santon began his career in Milan with Inter before securing a move to St James’ Park in the summer of 2011.
He has made 75 appearances for Alan Pardew’s side, and was a key part in the defence that kept back to back clean sheets in shock wins over Chelsea and Tottenham Hotspur recently.
The Magpies are currently ninth in the Premier League, and are priced at 25/1 to push on and finish in the top six.