With Joao Cancelo often preferred on the left-hand side of Pep Guardiola's defence last season, Zinchenko struggled for regular starts in the Citizens' XI.
Furthermore, Zinchenko could be pushed further down the pecking order if City are able to wrap up a deal for Brighton & Hove Albion's Marc Cucurella in the coming weeks.
The Ukraine international amassed five assists from 28 games in all tournaments during the 2021-22 campaign, but he only made 10 starts in the Premier League and was an unused substitute in a further 17 games.
Zinchenko worked alongside Gunners boss Mikel Arteta during the Spaniard's time as Man City assistant manager, and he was strongly linked with a move to North London earlier in the summer.
However, Arsenal cooled their interest to work on other areas of the field and brought in Fabio Vieira, Marquinhos, Matt Turner and Gabriel Jesus.
Now, The Athletic claims that Arsenal are once again in talks to sign Zinchenko from the Premier League champions, with City open to a sale if the Gunners show a willingness to match their price tag.
The report adds that Zinchenko and Arteta maintain a strong relationship from their time at the Etihad, and the Arsenal boss hopes to reunite with the defender this summer.
Man City forked out just shy of £2m to bring Zinchenko to the club from Ufa in 2016, and the left-back has since registered two goals and 12 assists in 127 games for the Citizens.
Zinchenko has won four Premier League titles, one FA Cup, two EFL Cups and two Community Shields in sky blue and could make the switch to the Emirates instead of Lisandro Martinez.
Arsenal and Manchester United have been involved in a two-way race for the Ajax man, who has informed the Eredivisie champions of his desire to play in the Premier League.
However, the Gunners have now apparently cooled their interest, allowing Erik ten Hag's Red Devils to close in on a move for the Argentina international.
Zinchenko often operates in the heart of midfield for Ukraine, which is another area of the field that Arsenal are seeking to improve before the transfer window shuts.
Leicester City's Youri Tielemans is still thought to be a prime target for Arteta, who could soon lose Lucas Torreira to Valencia after his agent revealed that a pre-contract agreement was in place with the Spanish club.
Zinchenko's arrival could also open the door for Nuno Tavares to leave the club, with Marseille said to be strongly interested in a move for the 22-year-old.