The Frenchman made 160 appearances for the north London side, having come through their academy before departing for Valencia in 2018.
Coquelin established himself in the first team under Arsene Wenger in the 2015-16 season before going on to feature heavily for the Gunners in the following two seasons.
He fell out of favour in Wenger's final campaign ahead of a move to Spain with Valencia and then Villarreal, where he played for the last four seasons before his contract expired in the summer.
But according to The Sun, the 33-year-old is set for a sensational return to these shores with a move to Championship side Leeds, whose squad has lost key midfielders to injury in recent weeks.
The outlet claim that the player is open to a move to Elland Road but he faces competition for contract from several other free agents.
Among them include former West Ham midfielder Cheikhou Kouyate, who has been training with the side during the international break.
Ahead of Leeds' Championship clash against Sheffield United Farke said: ' I never confirm any names and won't speak about players who aren't under contract.
'It would not be professional. I just speak about our players. I can speak in general about the situation. It's a pretty special and unique situation, we had a small group anyway before the injuries to Ethan and Ilia.
'We've decided to have a deeper look into the free agent market. We had some guests in the last days here at Thorp Arch to have a deeper look on it.'
Despite never earning a senior France international appearance, Coquelin has played 35 times for his nation at youth level, including seven appearances for the Under 21s.
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