With Kai Havertz operating in a central attacking role and Gabriel Jesus still at the club, Nketiah has dropped to third place in Mikel Arteta's pecking order.
Although the striker played 37 games across all competitions, he logged 468 fewer minutes than the previous season and was largely limited to appearances from the bench.
New Marseille boss Roberto De Zerbi is looking to bolster his squad ahead of the new season and is believed to have prioritised bringing in Premier League talent in the current transfer window.
The former Brighton and Hove Albion manager has already secured the signatures of Mason Greenwood from Manchester United and former Tottenham Hotspur midfielder Pierre-Emile Hojbjerg in recent weeks.
Arsenal seeking £30m for Eddie Nketiah this summer
Transfer expert Fabrizio Romano reported that Marseille had made a second bid of around £23m for Nketiah earlier this week, but Arsenal rejected it as it fell short of their valuation.
Romano has now revealed that the Gunners have set an asking price of around £30m for the 25-year-old attacker, and are also insisting on a sell-on clause being included in his deal.
It is understood that OM see Nketiah as a replacement for Pierre-Emerick Aubameyang, who departed the club this summer to join Saudi Pro League side Al Qadsiah.
While Nketiah has been linked with several clubs in recent weeks, Marseille is the only team that has made a formal offer for him to date this summer.
The former England Under-21s international is interested in relocating to the south of France and is believed to have already agreed on personal terms with the Ligue 1 outfit.
Marseille to drop interest in Nketiah after rejection?
While Marseille are still interested in negotiating with the Gunners over a suitable price for Nketiah, the French side are believed to be considering alternatives if an agreement cannot be reached.
In a separate report, Romano revealed that De Zerbi's side have approached wantaway Borussia Dortmund striker Youssoufa Moukoko about a possible move this summer.
The reporter added that the BVB forward has received several bids from clubs across Europe, but the player favours a move to Stade Velodrome and has agreed personal terms with the Ligue 1 side.
If OM are able to strike a finalised deal with Moukoko in the coming days, it will likely end Nketiah's hopes of a switch to Ligue 1.
Still, the Gunners seem uninterested in the possibility of losing out on the sale for the 25-year-old attacker, as his current contract runs until 2027, meaning the club is not under immediate pressure to sell at what they consider a discounted price.