The alleged incident took place just a couple of miles from the club’s training ground, in Colney, Hertfordshire, just inside the M25 motorway, the day before the Gunner’s first game of the season.
Santos, 29, from Sao Paulo in Brazil, was apprehended by officers who noticed his car was being driven erratically. He had apparently failed to stop.
The Sun reported Santos was driving a £110,000 black Maserati GranTurismo supercar at speeds of 130 mph as he “weaved in and out of rush-hour traffic” in a bid to lose the pursuing police.
Santos, 29, must answer bail next month and faces up to two years in prison if the case goes to crown court and he is convicted, the paper added.
A Metropolitan Police spokesman said: “Shortly after 9.30am on Friday August 17, a 29-year-old man was arrested on suspicion of dangerous driving and failing to stop for police on the A1, near to Junction 22 of the M25.
“Officers’ attention was drawn to the vehicle due to the manner of its driving.
“The man has been bailed to return at a date in mid-September to a North London police station.”
Santos was not breathalysed, police added.
Santos arrived in England from Turkish side Fenerbache before the 2011/12 season.
He did not feature in Arsenal’s opening match of the new campaign on Saturday. His teammates completed a 0-0 draw with Sunderland at the Emirates.