Mikel Arteta's side have been linked with the Real Valladolid 18-year-old sensation, and the north London outfit are said to be leading the race.
Advertisement
Transfer guru Fabrizio Romano told the House of Champions podcast that Borussia Dortmund have offered to sign him now and loan him back until the end of the season.
However, should Arsenal secure his signature, there is a chance that Tierney's time at the Emirates Stadium could come to an end.
Advertisement
CBS Sports correspondent James Benge said: "There is this growing expectation at Arsenal right now that Kieran Tierney could move in the summer.
"I don't think Arsenal would push him out the exit door but now he's not a guaranteed starter. I think if the right offer came in, all parties are kind of thinking this is something that might happen, not guaranteed.
"In that case, what you could see is Fresneda coming in to play alongside Ben White as the two right-backs and then [Takehiro] Tomiyasu actually basically becomes the back-up left-back, it's a role he's played quite a bit for Arteta.
"It wouldn't shock me if Arsenal were willing to do the same thing as Dortmund and loan Fresneda back. Tierney wins his Premier League medal maybe and moves on."
Advertisement
Advertisement
Tierney has made 23 appearances for Arsenal this season, but only 12 of those have come from the starting line-up.
Summer arrival Oleksandr Zinchenko is the preferred choice at left-back, despite his recent injury woes.
Since arriving from Celtic in 2019, Tierney has featured 110 times for Arsenal across all competitions, winning the FA Cup.
Advertisement
The Scotsman may also go on to collect a Premier League winners' medal at the end of the season, with the Gunners currently top of the table with a five-point lead.