Mata is out of contract at Old Trafford in the summer and would therefore be available on a free transfer.
The Spaniard, who joined United from Chelsea in 2014, has struggled to nail down a place under Jose Mourinho despite important contributions.
He drew Manchester United level in Turin on Wednesday night as they came from behind to beat Juventus in the Champions League.
Nonetheless, talkSPORT host Adrian Durham has claimed that Mata will wave his goodbyes and join Arsenal in the summer.
It comes with the Gunners set to wave goodbye to Aaron Ramsey, who is also out of contract at the end of the season.
Mata has played under Arsenal boss Unai Emery before having starred with Valencia in 2012 before moving to the Premier League.
Presenting on radio alongside Jason Cundy, Durham said: “I thought we were going to do a Juan Mata love-in right.
“I thought we were doing an appreciation hour for Juan Mata. After I said this, just a couple of minutes ago, just had a message going; ‘He’s going to Arsenal on a free’.
“We can’t do this anymore, if he’s going to Arsenal. We all love him now, but who is going to love him when he goes to Arsenal?
“He’s going to be going to Arsenal on a free! He was with [Unai] Emery on a free wasn’t he, so he’s going to Arsenal on a free because he is out of contract in the summer.
“This is breaking news, Juan Mata is going to Arsenal,” he continued.
“This is what I have heard, it is not official. My sources close to the club have said he is going to Arsenal on a free.
“By the way, when it happens, you can all ring up and say ‘We doubted you but, as ever, you were right.’”
The Mail suggest that Mata is keen to remain at United but has yet to receive any news on whether he will be offered an extension.
United had triggered a 12-month extension earlier in 2018 but with his contract running down, he can talk to clubs overseas about pre-contract agreements for a free transfer in the summer as of January 1.