You could use TikZ for this.
Somewhere at the start of the document, issue
\tikzset{
every picture/.style={
remember picture, % Make nodes available to all TikZ pictures
inner xsep=0pt, % Remove horizontal padding
inner ysep=1pt, % Set small vertical padding
baseline, % Align TikZ pictures at the baseline
every node/.style={
anchor=base % Align all nodes at the baseline
}
}
}
Then you can replace the word const with \tikz \node (a) {const}; and the space between int and * with \tikz \node (b) {\hphantom{ }};, creating two nodes (a) and (b) that can then be linked using \tikz [overlay] \draw [red,->] (a.south) to [bend right=70] (b.south);, yielding

Here's the complete document:
\documentclass{article}
\usepackage{tikz}
\begin{document}
\tikzset{
every picture/.style={
remember picture, % Make nodes available to all TikZ pictures
inner xsep=0pt, % Remove horizontal padding
inner ysep=1pt, % Set small vertical padding
baseline, % Align TikZ pictures at the baseline
every node/.style={
anchor=base % Align all nodes at the baseline
}
}
}
\begin{itemize} % itemize
\item{} % item
\texttt{\tikz \node [anchor=base] (a) {const}; int\tikz \node (b) {\hphantom{ }};* val}
\tikz [overlay] \draw [red,->] (a.south) to [bend right=70] (b.south);
\end{itemize}
\end{document}