Once regarded as Ashley Cole's heir, Gibbs has never quite reached his predecessor's heights, and has fallen behind Nacho Monreal in the Gunners' pecking order.
The same report links the north Londoners with a summer move for Lorient's Raphael Guerreiro in the meantime, but here are five others who could be considered if the 26-year-old departs.
Jetro Willems (PSV Eindhoven) - With Monreal into his thirties, Willems, at 21, is very appropriately aged. The Dutchman has improved considerably since his rabbit-in-headlights displays at the 2012 World Cup (when he was 18 don't forget) and helped PSV to the title last season - keeping 12 clean sheets, scoring twice and providing 13 assists. A long-term injury has held him back this term, however, allowing Ajax to seize the initiative. He has a year to run on his current contract.
Ryan Bertrand (Southampton) - With Theo Walcott, Calum Chambers and Alex Oxlade-Chamberlain already on board, another raid on Southampton wouldn't be difficult to envisage. Bertrand, though, is unlikely to come cheap, having established himself as one of the Premier League's most consistent full-backs since leaving Chelsea. Saints possess the joint-fourth best defence in the division this season, conceding just 32 goals - 11 of which came in the 26-year-old's absence.
Jonas Hector (FC Koln) - Although not quite a household name (yet), you may be more acquainted after England's friendly against Germany on Saturday. Hector has emerged as Joachim Loew's first choice over the past 18 months - winning 10 caps for Die Mannschaft. Liverpool are said to be keen on the 25-year-old, as part of a £14million double-deal involving goalkeeper Timo Horn, according to the Mirror, but Arsenal may hold the upper hand if they qualify for next season's Champions League.
Wendell (Bayer Leverkusen) - Named after the nauseous kid from the Simpson's (possibly) Wendell is fast reaching dizzy heights of his own as a footballer. Two years ago, he was under contract at Brazilian minnows Londrina, but was recently linked with Real Madrid, as reported by the Mirror, who quoted him as saying he "would walk" to the Bernabeu. As things stand, the 22-year-old is unlikely to be playing Champions League football at the BayArena next season, though a move to England could be scuppered by his lack of international caps.
Jose Luis Gaya (Valencia) - Gaya was the papers' left-back of choice this time last year, with the Mail linking him to Arsenal, Chelsea, Manchester City and Real Madrid. The 20-year-old signed a new contract last summer, but he may wish to move on following Valencia's below-par campaign. Despite his tender years, the Spain under-21 star has 76 senior appearances under his belt.