Nigerian-born forward Folarin Balogun is a subject of interest from clubs in the Bundesliga and Sky Bet Championship.
Balogun is in talks about a loan move for the 2022/23 season.
With the arrival of Gabriel Jesus and Eddie Nketiah signing a new contract, Balogun is seeking a loan away from the club.
The 21-year-old spent the second half of last season at Sky Bet Championship club, Middlesbrough.
According to Sky Sports, Arsenal will listen to offers for the player after their United States of America tour.
The player has represented England at the youth level but he is still eligible to play for Nigeria.