After an impressive first-half to the 2016-17 season with Jong Ajax, the Dutch giants' reserve side that plays in the second tier in Netherlands, de Jong was promoted to the first-team at the start of 2017 and has fought his way into Marcel Keizer's first-team this term, featuring off the bench in the Europa League final defeat to Manchester United.
His performances in the Eredivisie have caught the eye of Arsenal and City, according to The Sun, who report both Arsene Wenger and Pep Guardiola have already spoken to the player and his representatives over a possible move in the New Year.
De Jong's current deal at the Johan Cruyff Arena expires in 2019, with both Premier League sides confident they can snare him for as little as £5m.
While Arsenal are unlikely to have much joy in pursuing major additions to their squad during the mid-season window, Wenger has not ruled out the possibility of making signings this January.
Guardiola also remains open to bringing in another player during the winter window although his immediate focus may be on bringing in a left-back. The Premier League leaders spent over £50m in bringing Benjamin Mendy to the club from Monaco, but his season could be over already having suffered a serious knee injury in September.
Fabian Delph has dropped into that role on the left of defence since Mendy's injury and while the England international has impressed during that brief spell, Guardiola noted in September the club could bring forward plans to bring in another left-back.
"We thought next summer about looking for another replacement at left-back, we will see what we do," the City boss said in September. "We have alternatives in our squad, Fabian Delph, Danilo, Fernandinho and Zinchenko, so we will see as we go along."