Nketiah has spent the last nine years with the Gunners since leaving Chelsea's academy in 2015 and he has made a total of 151 senior appearances in all competitions, scoring 37 goals and registering eight assists.
The 24-year-old has largely played second fiddle to Gabriel Jesus since the arrival of head coach Mikel Arteta, but he has featured regularly when the Brazilian has been sidelined due to injury.
Nketiah has contributed with five goals in nine starts and 11 substitute appearances for the Gunners across all competitions this season, including his first Premier League hat-trick in a 5-0 win over Sheffield United in October.
The striker's early-season form was rewarded with a call-up to Gareth Southgate's England squad in September, but he has not started any of Arsenal's last five matches in all tournaments since Jesus's return from injury.
Arteta has also opted to use both Leandro Trossard and Kai Havertz in centre-forward roles at times this season, further hindering Nketiah's hopes of gaining regular first-team football.
Nketiah is under contract at the Emirates Stadium until June 2027, but speculation over his long-term future in North London has surfaced ahead of the January transfer window.
Arsenal are believed to be eyeing up the addition of a new centre-forward in 2024 to provide greater competition for Jesus in the final third.
According to Football Transfers, Arsenal are 'on the borderline' of breaching Financial Fair Play regulations and therefore need to sell players before they can bolster their squad.
Nketiah is said to be one player who the Gunners are willing to entertain offers for in
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