Throughout the summer transfer window, the Gunners have been in the market for a new number nine, a consequence of none of their front players consistently finding the back of the net in 2023-24.
Although Kai Havertz's spot in the squad is safe, speculation has persisted over the futures of Gabriel Jesus and Nketiah, particularly the latter who is a homegrown talent.
Despite the 25-year-old only scoring five Premier League goals last season, Arsenal have insisted on setting a high valuation for the England international.
However, that appears to have cost the North Londoners in their prolonged discussions with Marseille regarding a potential deal.
Marseille move on from Nketiah
According to transfer expert Fabrizio Romano, Marseille have switched their attention to acquiring the services of Lens attacker Elye Wahi.
Marseille are said to be 'very close' to striking an agreement with their Ligue 1 rivals having grown frustrated in talks with Arsenal.
Romano says that Marseille did not want to meet Arsenal's asking price for Nketiah, said to be set at €30m (£25.67m).
Instead, as per RMC Sport journalist Fabrice Hawkins, Lens are willing to cash in on Wahi for €25m (£21.39m) plus add-ons.
While other clubs could renew their interest in Nketiah, it is unclear whether Arsenal will have to lower their demands in order to facilitate a sale.
Is a price reduction realistic?
Last summer, Arsenal were able to sell Folarin Balogun to Monaco for €30m, a player who had far less Premier League experience but was proven in Ligue 1.
Arsenal's chiefs can perhaps argue that Nketiah is worth at least the same price as Balogun, yet interested clubs will counter that by saying that Nketiah is third choice at the Emirates Stadium and has netted just 14 goals in the Premier League since 2021.
Teams are also at the stage in the summer where many have acquired their preferred targets, and Arsenal and Nketiah face the prospect of being left in limbo.
Mikel Arteta now seems likely to start the new season with the same options in attack as 2023-24, something that he was keen to avoid.