It has been reported by the British tabloid that Newcastle have asked about signing Perez and would be prepared to make the striker their new number 9.
The 28-year-old forward wants a return to La Liga with Deportivo La Coruna among the clubs interested in him, according to the report.
Perez joined Arsenal from Spanish club Deportivo in the summer of 2016 for a transfer fee reported by The Daily Mail to be worth £17 million.
The Spaniard failed to make an impact at the Emirates Stadium and was able to make only two starts in the Premier League last season.
Newcastle need to sign a forward in the summer transfer window in order to be be successful in the Premier League next season.
The Magpies could do with a player of Perez’s quality and experience, but could the Spaniard forward score 15 to 20 goals in the Premier League?