We are given that \( x \) and \( y \) are positive real numbers, and we need to find the minimum value of the expression:
\[
\left( x + \frac{1}{x} \right) \left( y + \frac{1}{y} \right).
\]
Step 1: We apply the Arithmetic Mean-Geometric Mean (AM-GM) inequality to each factor individually:
\[
x + \frac{1}{x} \geq 2 \quad {and} \quad y + \frac{1}{y} \geq 2,
\]
because by the AM-GM inequality, the arithmetic mean of two positive numbers is always greater than or equal to their geometric mean, with equality holding when the numbers are equal.
Step 2: Now, multiply these two inequalities:
\[
\left( x + \frac{1}{x} \right) \left( y + \frac{1}{y} \right) \geq 2 \times 2 = 4.
\]
Thus, the minimum value of the expression \( \left( x + \frac{1}{x} \right) \left( y + \frac{1}{y} \right) \) is 4.
Therefore, the correct answer is option (C).