The Gunners were one of a few Premier League titans heavily linked with the England international a few years back, a list that also included Manchester United.
Calvert-Lewin was among the hottest attacking properties in the Premier League after the 2020-21 season, where he scored 16 top-flight goals, but his numbers have since taken a sharp nosedive.
The 27-year-old struck a respectable seven times in the Premier League last season but has only struck twice in 2024-25 for Sean Dyche's side, failing to net in any of his last 10 top-flight games.
Calvert-Lewin's lack of output has been a factor in Everton's lowly 15th position in the Premier League table, although he has still started 13 of the Toffees' 14 matches in the top division this term, keeping Beto at bay.
Everton ready to sell Calvert-Lewin for £20m?
Calvert-Lewin's contract situation has also been a major talking point, as the Englishman's current terms expire next year, meaning that he can enter pre-contract talks with foreign teams in January.
As a result, Everton will seemingly have no choice but to offload Calvert-Lewin next year if they are to avoid losing him for nothing, and according to The Sun, the Toffees could do just that, even though they are in a relegation scrap.
Calvert-Lewin apparently has no desire whatsoever to extend his stay at Goodison Park, and Everton would be receptive to offers of around £20m for the 27-year-old in the winter transfer window.
Arsenal are supposedly one of four teams to have shown an interest in taking Calvert-Lewin off of Everton's hands, a list that also includes Newcastle United, West Ham United and Italian giants AC Milan.
Calvert-Lewin came through the youth ranks at Sheffield United before joining Everton for £1.5m in 2016, since when he has scored 70 times and provided 19 assists in 261 matches for the Toffees.
Do Arsenal need to go all in for Calvert-Lewin?
Had Arsenal been offered the chance to sign a 2020 version of Calvert-Lewin for £20m, the Gunners should have bitten Everton's hand off, and his lack of goals should not be taken completely at face value.
The Englishman would no doubt have more chances to find the back of the net in Mikel Arteta's Arsenal team as opposed to Sean Dyche's Everton side, especially given the Gunners' proficiency from set-pieces.
Arsenal's desire to add another striker to their ranks is no secret, as neither Gabriel Jesus nor Kai Havertz had any sort of impact in their 1-1 draw with Fulham at Craven Cottage on Sunday, but Calvert-Lewin should not be the answer.
The 27-year-old is either already at or past his peak and cannot be trusted to stay fit either; the last thing that Arsenal need is another highly injury-prone star in their ranks.
Expect Arteta and co to say thanks but no thanks to this offer as they bide their time until the summer, when either Viktor Gyokeres or Benjamin Sesko might be in the shop window.
Written by
Ben Knapton