When the Belgium international made the switch to the Emirates Stadium in 2021, the £15m addition was expected to progress into a regular starter.
However, just 26 starts and 13 substitute outings would come in all competitions during his first 18 months, resulting in a loan switch to Crystal Palace.
In the 18 months that have followed, the 24-year-old has 22 starts and four substitute outings in the Premier League for the Eagles and Luton Town.
His loan stint at the latter was regarded as a success with Lokonga enhancing his reputation, yet it was never likely to be enough to regain a place in Mikel Arteta's squad.
Sevilla pushing for loan deal
The Spaniard, and the Gunners in general, are eager to boost their position with the Premier League's Profit and Sustainability regulations, leaving Lokonga available for a move.
According to Spanish outfit Penalty, who were writing on X, Sevilla have reached an agreement with Lokonga over personal terms.
Although that has seemingly left the former Anderlecht academy graduate on the brink of a move to Spain, the clubs are yet to reach a compromise over the method of the transfer.
Sevilla are allegedly prepared to pay a loan fee in the region of £2.5m with an optional buy-clause, whereas Arsenal would prefer a mandatory fee to be set for the end of the season.
Unless another high-profile club make a notable move, it is plausible that each party may have to soften their stance to get a deal over the line.
Fresh start for player and Sevilla?
Having spent time at four different clubs by the age of 24, Lokonga is in need of a team who he can represent with the knowledge that he will be there for a number of seasons.
While he was never in a position to reject a transfer to Arsenal when an offer arrived, it came too soon for him and left him at a crossroads.
The same applies to Sevilla. Having lost the final four matches of last season, they only achieved a 14th-placed finish in La Liga and need to start afresh in order to return to continental football.