The 25-year-old has fallen out of favour with manager Arsene Wenger having only made two appearances for the Gunners this campaign.
The Switzerland international, who joined the club as a teenager, has yet to feature in the Premier League with Thomas Vermaelen, Laurent Koscielny and Per Mertesacker all ahead of him in the pecking order.
Now the former Birmingham City loanee could be set for a fresh start in the Bundesliga with Hannover chief Martin Kind admitting the club's interest in the player.
He told BILD newspaper: "I am able to confirm that we are very interested in bringing Johan Djourou to the AWD-Arena.
"He is on our short list of names and there have been some concrete talks with Arsenal going on."
Meanwhile, the club's general manager Jorg Schmadtke says any potential move for the centre-back would be a short-term deal as he is contracted to Arsenal until 2015.
He said: "We do intend to loan the player first until the end of the season and we will make a decision on his future."