The Belgium international arrived at the Emirates in 2021 to rave reviews from Vincent Kompany, who gave him the captain's armband during his final few months with Anderlecht.
Arsenal paid close to £15m to bring Lokonga to North London, and the 23-year-old initially enjoyed a positive spell in the first team during Granit Xhaka's absence with a knee injury.
However, Xhaka's renaissance pushed Lokonga down the pecking order, and the midfielder subsequently failed to make the most of fleeting opportunities in the starting lineup.
Lokonga would seemingly reignite his career during a loan spell with Crystal Palace, but his fortunes took a turn for the worse after Patrick Vieira left the club, and he started just one game under Roy Hodgson.
Since returning to North London, the Belgian has been working his way back from a muscular injury, and he did not make the trip to the USA with the rest of the first team.
Lokonga's contract with Arsenal runs for another three years, but an exit is expected to materialise after Arteta reinforced his midfield with the arrivals of Declan Rice and Kai Havertz.
A reunion with Kompany at Burnley has been strongly mooted, but according to Gazzetta dello Sport - via football.london - his agents have now offered him to Italian giants Roma.
Despite already capturing Houssem Aouar on a free transfer from Lyon, Jose Mourinho is thought to be after further midfield additions, which could open the door for Lokonga to make the switch to Italy.
However, Roma are also in discussions over a deal for Paris Saint-Germain's Renato Sanches, which could scupper Lokonga's proposed move to Serie A if Mourinho's side prioritise the signing of the Portuguese.
Lokonga has turned out 39 times for the Gunners over the past two seasons, but he is yet to come up with a goal or assist for Arteta's side, who are expected to focus on outgoings for the remainder of the window.
Xhaka, Pablo Mari and Ainsley Maitland-Niles have already left the club, and the likes of Auston Trusty, Alex Runarsson, Nicolas Pepe and Cedric Soares are expected to follow suit after Arteta admitted that the Gunners' squad size was "unsustainable".
Folarin Balogun, Rob Holding, Nuno Tavares and Kieran Tierney could also be moved on in the coming weeks, although Lokonga's fellow midfielder Thomas Partey is now expected to stay at the club, despite interest from Saudi Arabia and Juventus.
Arsenal capped off their USA Tour with a 5-3 win over Barcelona on Wednesday and now turn their attention to the visit of Monaco for the Emirates Cup on August 2.