The forward has been with the Gunners since 2015 after joining the club's academy following his departure from Chelsea's youth system.
Nketiah has gone on to make 138 competitive appearances for the first team, scoring 38 goals and providing seven assists.
The 25-year-old began the 2023-24 Premier League season as a starter before he ultimately lost his place in the side.
Nketiah failed to feature in any of Arsenal's final six Premier League matches after falling behind Kai Havertz and Gabriel Jesus in the pecking order.
Arsenal slap £50m price tag on Nketiah
With Arsenal expected to sign a striker this summer, it is unlikely that Nketiah will be able to force his way into Mikel Arteta's plans.
As a result, the Gunners are open to selling Nketiah this summer, but their asking price could prove to be a stumbling block.
According to talkSPORT, Arsenal are demanding a significant £50m fee to part ways with the English forward this summer.
The Gunners will feel they are in a strong negotiating position with the player's contract set to run until the summer of 2027.
However, there is a belief that Arsenal's considerable valuation and Nketiah's £100,000-a-week wages may put off some of his potential suitors.
Who could sign Nketiah this summer?
As it stands, Alex Oxlade-Chamberlain remains Arsenal's current club-record sale following his £32m move to Liverpool in 2017.
Arsenal are seemingly hoping to find a club willing to break that record for Nketiah, who has emerged as a possible target for several Premier League sides.
Crystal Palace are among those who have been linked, with the Eagles looking to sign a new striker amid uncertainty surrounding Odsonne Edouard's future.
Everton, West Ham United and newly-promoted Southampton have also been mooted as potential destinations for the Arsenal marksman.