Italian giants Napoli and AC Milan are said to be interested in ending the 30-year-old Frenchman's near five-year stay at The Emirates Stadium.
HITC Sport understands Hull City face a battle for Hungary striker.
Napoli are reluctant to sell the forward after the departure of Gonzalo Higuain
Chelsea are preparing to make a move for Napoli defender Koulibaly in £60 million deal.
Reports in Italy suggest Higuain is on the verge of joining Juventus this summer.
Higuain has been strongly linked with a move to Arsenal all summer
Olivier Giroud has been linked with a move to Napoli, with reports touting a possible swap deal for Gonzalo Higuain.
The Argentine's agent claims he will see out the rest of his contract, which runs out in June 2018.
Stoke City have reportedly offered £19.6 million for Manolo Gabbiadini, a fee that would break their transfer record, but it has been turned down by Napoli.
Chelsea have had a bid rejected by Napoli for Kalidou Koulibaly, but the defender is allegedly keen to leave the Stadion San Paolo.
Napoli boss Rafael Benitez admits that it's hard being away from Liverpool.
Napoli forward Jose Maria Callejon has spoken highly of Jose Mourinho amid speculation of a move to Chelsea.
Despite only joining Southampton this summer, Graziano Pelle's agent has hinted that his client would be interested in a move back to Italy with Napoli.