The 24-year-old has been a regular for the Gunners during the 2023-24 campaign, featuring on 34 occasions in all competitions, but he has only managed six goals and three assists this term.
Nketiah penned a new contract at the Emirates Stadium in June 2022, with his current terms running until June 2027, but he is widely expected to move on this summer in search of regular action.
The Englishman has only played 24 minutes of Premier League football in Arsenal's last four matches, and Mikel Arteta's side are likely to spend big on a new centre-forward in the upcoming market.
Crystal Palace and Brentford are among the current Premier League clubs said to be interested in signing Nketiah during this summer's transfer window.
Nketiah viewed as potential replacement for VardyHowever, according to FootballTransfers, Leicester are also firmly in the race, with the Foxes eyeing Nketiah as a possible replacement for Jamie Vardy.
The 37-year-old is again Leicester's top scorer this season, finding the back of the net on 16 occasions in 30 appearances, but he only has a contract at the King Power Stadium until the end of June.
Vardy's departure would open up a significant amount of space in the wage budget, which the Championship outfit could allegedly use to bring in Nketiah for the 2024-25 campaign.
Leicester are bidding to return to the Premier League for next season, with Enzo Maresca's side currently third in the Championship table, one point behind second-placed Leeds United.
The Foxes have seen their significant lead at the top of the table evaporate, but they have a game in hand on both Leeds and
Read on sportsmole.co.uk