The 23-year-old hasn't started a game since May 2022 and is yet to be used in any of their three Premier League matches under Arteta this season.
Express Sport look at three players who could interest the north London side if the Blues return with the offer of a swap deal.
Emile Smith Rowe: The playmaker is a reported target for Chelsea.
Mykhaylo Mudryk
Rewind eight months and it was Arsenal who were in the driving seat to land Ukraine's biggest talent in a deal from Shakhtar Donetsk. That was until Chelsea blew them out of the water with a package worth £88million and snatched Mudryk from under their noses.
The 22-year-old has struggled to shine in his first months in the Premier League and is yet to score in 17 appearances, leading many to question whether he joined the wrong team.
Mudryk is yet to start a league match for the club under Mauricio Pochettino despite impressing in pre-season and if Arsenal were keen to do a straight swap, it may be entertained by the Argentine if he is losing patience with the winger.
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Conor Gallagher
Both are English, 23 and loved by the fans. So it remains a mystery why Smith Rowe and Gallagher not consider regulars by their clubs, despite their homegrown value and admirable passion.
The midfielder has started all three games under Pochettino but his future remains uncertain, with two years left on his contract and no renewal in sight. If a £40m bid arrives this summer, Chelsea could sell - and the fact Arsenal want a similar amount for Smith Rowe means this could be a deal that suits both sides.
After all, Mikel Arteta has made it clear he could always do with another midfielder. There aren't many like tough-tackling Gallagher in his squad, and if Smith Rowe really is out of his plans, he could benefit from a straight swap.
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