The Brazilian defender's partnership with William Saliba was crucial to the Gunners' ultimately unsuccessful title push in 2022-23, as he was hailed as one of the Premier League's best defenders last term.
However, Gabriel has started the new season on the bench, only coming on for cameo appearances in Arsenal's opening fixtures against Nottingham Forest and Crystal Palace.
Thomas Partey has been occupying a hybrid right-back role in Arsenal's new system, meaning Ben White and Saliba have paired up in the heart of defence, while Jurrien Timber and Takehiro Tomiyasu were given the nod against Forest and Palace respectively.
With Timber now injured and Tomiyasu suspended, the door is open for Gabriel to return to the first XI against Fulham this weekend, but Jakub Kiwior and Oleksandr Zinchenko are also options for change at the back.
Nevertheless, Arteta recently affirmed that Gabriel's demotion to the bench had nothing to do with the speculation surrounding his future, and he still views the Brazilian as an integral part of plans.
As a result, the Gunners were initially not prepared to consider bids for the 25-year-old, but according to the Daily Mail, Gabriel could still be on his way out of the club in certain circumstances.
Saudi Arabian champions Al-Ittihad are supposedly pushing to bring Gabriel to the Middle East this summer, while a move to Real Madrid - who are without ACL victim Eder Militao - has also been mooted.
Gabriel staying in North London is seen as the most likely scenario, but the report claims that if Arsenal can sign a defender they believe is an upgrade on the South American, he will be allowed to leave.
Palace centre-back Marc Guehi has apparently attracted glances from Arsenal chiefs, but the Eagles have slapped a £60m price tag on the head of the former Chelsea man, and a deal is expected to be too difficult to pull off at this late stage.
Palace are believed to be interested in Tomiyasu, leading to potential discussions over a part-exchange deal, but the Japan international will not be leaving Arsenal due to Timber's devastating injury.
The Gunners fended off several interested parties to sign Gabriel from Lille in 2020, and the centre-back boasts 11 goals and one assist from 121 games in Arsenal colours in all competitions.
Furthermore, Gabriel only penned a contract extension in North London back in October, and his current terms do not expire until the end of the 2026-27 season, leaving Arsenal in a strong negotiating position.
Regardless of Gabriel's future, Arsenal are supposedly looking to raise as much as £100m through player sales in the coming week, with all of Rob Holding, Folarin Balogun, Albert Sambi Lokonga, Kieran Tierney, Nuno Tavares, Cedric Soares and Nicolas Pepe in the departure lounge.
The Gunners have already sold Granit Xhaka, Matt Turner, Pablo Mari and Auston Trusty this summer, as well as releasing Ainsley Maitland-Niles upon the expiration of his contract.