The 19-year-old joined the West Yorkshire club from Swiss outfit FC Zurich for just £4m last summer, penning a five-year deal until June 2027.
Gnonto has since established himself as a key player at Elland Road, scoring four goals and registering three assists in 21 appearances across all competitions.
Leeds are yet to lose in the Premier League when Gnonto has contributed with either a goal or an assist, highlighting his importance in a side who are battling to avoid relegation from the top flight.
Gnonto is also regarded as a regular member of Roberto Mancini's Italy squad and has already received 10 international caps, scoring once in a Nations League defeat to Germany last year which saw him become the Azzurri's youngest-ever goalscorer.
The attacker's rapid rise on the European stage has understandably caught the eye of a number of clubs, including Premier League trio Arsenal, Chelsea and Man City.
A report from talkSPORT claims that Chelsea hold a 'genuine interest' in Gnonto, who could potentially be viewed as a replacement for either Christian Pulisic or Hakim Ziyech.
Arsenal boss Mikel Arteta is believed to be keen to bolster his attack ahead of the 2023-24 campaign, in which the Gunners will require a stronger squad to juggle Champions League duties along with domestic competitions.
Man City, meanwhile, already have plenty of attacking options at their disposal, but with Bernardo Silva allegedly looking to seek pastures new and Riyad Mahrez turning 33 next year, the Citizens may ponder reinforcements in the near future.
Serie A giants Juventus and Napoli have also been credited with an interest in the former Inter Milan youngster, who would allegedly be "very happy" to return to Italy should the opportunity arise.
According to Football Insider, interested clubs will be required to stump up a fee in excess of £40m to prise Gnonto away from Elland Road this summer.
The report adds that the Whites face a fierce battle to keep hold of Gnonto if they are relegated from the Premier League this season.
Javi Gracia's men are currently embroiled in a nine-team relegation dogfight and sit 16th in the table, just two points above the drop zone with eight games remaining.
Gnonto will be hoping to force his way into the starting lineup when Leeds welcome Liverpool to Elland Road on Monday night.