The 19-year-old made the switch to Elland Road from FC Zurich last summer, and he featured on 28 occasions for the Whites during the 2022-23 campaign, scoring four goals and registering four assists in the process.
Gnonto penned a five-year deal with Leeds upon his arrival, but there is currently speculation surrounding his future, with the Whites dropping out of the Premier League.
Sam Allardyce was unable to keep Leeds in England's top flight, with their relegation being confirmed on the final matchday, and the club are now preparing to play Championship football in 2023-24.
According to Calciomercato, Arsenal and Man City were both impressed by Gnonto during the 2022-23 Premier League season, and the pair are weighing up summer offers.
The report claims that Leeds are yet to make a decision on the attacker's future, with a number of major Italian clubs also believed to be keeping a close eye on the situation.
Gnonto represented Inter Milan between 2012 and 2020, but he never made a first-team appearance for the Milan giants, instead beginning his professional career at Zurich.
The forward has already been capped on 10 occasions by Italy, scoring once, with his first goal for his national side coming against Germany in the UEFA Nations League last June.
Speaking earlier this year, former Manchester United and England defender Gary Neville said that Gnonto reminded him of a "Manchester City winger".
"Leeds fans won't like me for saying this but when you look at a player like [Wilfried] Gnonto and how Manchester City play by playing those little passes into those midfield runners, he just looks like a Manchester City winger," Neville said on Sky Sports News at the time.
"Leeds fans won't like me saying that because I'm not selling him off. I'm sure they want to see him for another few years at Leeds United. He looks really, really good. So mature in his decision-making."
Gnonto made 24 Premier League appearances during the 2022-23 season, scoring twice and providing four assists, with his goals coming against West Ham United and Man United.
The forward was not a regular starter in the latter stages of the campaign, though, and he was only given the final two minutes against Tottenham Hotspur on Sunday afternoon.