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.
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.
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 January and they are prepared to sacrifice the Englishman in order to boost their pursuit of a new striker.
The potential sale of Nketiah would likely see Arsenal step up their interest in a number of targets including Brentford striker Ivan Toney, who has been heavily linked with a January exit from the Bees.
It is thought that Arsenal could even offer Nketiah in a part-exchange deal to sign Toney, who is believed to be valued by Brentford at around £100m.
RB Leipzig's Benjamin Sesko and Juventus teenager Kenan Yildiz have also been linked with a possible move to the Gunners, but Dusan Vlahovic has ruled out a mid-season transfer to the Emirates as he is keen to remain in Turin.
Nketiah is not the only Arsenal player who may be heading for the exit door, as Football Transfers also claims that young goalkeeper Karl Hein could head out on loan in the New Year, while the Gunners would look to bring in an experienced shot-stopper if Aaron Ramsdale was to leave the club amid rumours of a possible switch to Newcastle United.