Chelsea and West Ham have registered their interest in a deal for the attacking midfielder.
Arsenal could accept a £35-40million offer for Smith Rowe, who has three years left on his contract.
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Smith Rowe is among multiple Arsenal players who could be sold to recoup money after they spent about £170 million net this summer.
The 23-year-old played 161 minutes in 12 appearances off the bench last season, which in part was restricted by an ankle injury, and has been an unused substitute in all three of the Gunners’ Premier League games this season.
The midfielder has graduated from the Arsenal youth team and has made 97 senior appearances, netting 18 goals and supplying 11 assists.
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