The midfielder was a shining light in the second half of the Magpies' 2020-21 season, scoring eight goals in 14 Premier League matches, including one in each of his last seven appearances.
According to 90Min, Arsenal have told Willock that he is free to leave temporarily for the entirety of the 2021-22 campaign, and his preferred destination is St James' Park.
The report adds that Arsenal want to include a £15m obligation to buy in any loan deal, but Newcastle do not have the funds to sign Willock on a permanent basis.
Crystal Palace have also been credited with an interest in the 21-year-old, who boasts 11 goals and four assists from 78 appearances in a Gunners shirt.
Willock was left out of Arsenal's matchday squad for their recent friendly defeat to Hibernian, but manager Mikel Arteta affirmed that his absence was due to a groin injury. body check tags ::